New regulations on listing bank securities
06/08/2010 - 173 Lượt xem
The joint-stock banks that list shares or bonds on the bourse will not only have to make quarterly and annual financial reports for information exposure at the securities trading centres, but also have to present a supplemental report on business performance quarterly in accordance with the set forms.
The decision made by SSC aims to ensure transparency in corporate information declarations in order to ensure investors’ benefits.
Up to now, Sacombank has been the only bank to list shares at the HCM City Securities Trading Centre. The Asia Commercial Bank (ACB) officially applied for listing on the bourse in July. However, SSC has not approved the bank’s application yet.
Most recently, Saigon Bank has sent a document to SSC, requesting support from the agency in the bank’s auditing, which indicates the bank’s plan to list on the bourse in the near future.
Saigon Bank has also announced it would issue 770,000 13-month term convertible bonds which will have the interest rate of 8.5% for 13 months. After 13 months, the issued bonds will be converted into bank shares.
In related news, SSC has made public the draft decree on fines for violations in securities trading. The penalty levels will be between VND10mil ($625) to VND100mil ($6,250). However, the draft has not yet satisfied investors, who think that the projected penalty levels are not heavy enough to deter potential violators.
