The State Bank of Vietnam (SBV) issued Document No. 4843/NHNN-TTGSNH on June 20 to allow the Orient Joint- Stock Commercial Bank (OCB) to increase its charter capital.
Accordingly, the SBV permitted the OCB to increase its charter capital from VND 4,000 billion to VND 4,194,879,500,000 in the form of issuing bonus stocks for current shareholders under its recapitalization plan approved by the General Shareholders’ Annual Meeting in Resolution No. 01/2017/NQ-ĐHĐCĐ dated April 19, 2017; approved in principle a charter capital increase by VND 805,120,500,000 in the form of issuing private shares. The SBV will consider that situation after OCB submits to the SBV specific plan on the issuance of private shares. |
OCB is responsible for complying with applicable laws, including compliance with regulation on the ratio of owning shares of shareholders in line with Law on Credit Institutions and SBV’s guidance after recapitalization. After completion of all the recapitalization procedures, OCB is required to submit the documents on revising its charter capital to the SBV.
The Document takes effect within 12 months from the date of signing. The Document will cease to be effective in case that the recapitalization plan of the OCB is not implemented as scheduled, and that its General Shareholders’ Meeting adopts a change of the recapitalization plan which has already been approved by the SBV.
Le Hang