MB plans to increase chartered capital by allocating bonus shares

VNStockNews.com - Military Commercial Joint Stock Bank (MB) has recently held the extraordinary shareholders meeting in which the shareholders have approved the bank's methods of increasing chartered capital in 2009, the ways to use ownership capital and adjustments in the bank's regulations.

At the meeting, the management board has proposed two methods of raising the chartered capital with the purpose of seeking the shareholders' opinions. In the first method, the bank planned to issue 90 million shares, equal to share value of 900 billion dong for the strategic and potential shareholders with negotiated price. However, the bank's staff and existing shareholders can purchase the new shares with offered price.

In the second method to be proposed, the bank will issue 90 million shares or 900 billion dong in par value to the strategic and potential shareholders, both domestic and foreign ones with negotiated price, offering shares for the bank's staff with initial price equivalent to the face value, and allocating bonus shares for the existing shareholders. The capital sources for issuing new shares will be from the bank's funds in accordance with the current laws.

According to the management board's explanation, in case the bank gets approval from the state management authorities for using the fund of share capital surplus and other funds in accordance with the laws for allocating bonus shares, the second methods will be applied at priority.

The two methods are supposed to be carried out before December 31, 2009.