On October 25th 2018, the State Bank of Vietnam (SBV) issued Document No. 8082/NHNN-TTGSNH approving the increase of the charter capital of VietCredit Finance Company (VietCredit).
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Accordingly, the SBV Governor approved the increase of the Company’s charter capital from VND 604,921,000,000 to VND 1,070,371,390,000 as stipulated in the Plan adopted by the General Shareholders’ Meeting of VietCredit through Resolution No.158/2018/NQ-DHDCD dated April 23rd, 2018, and approved by the Board of Directors of VietCredit through Resolution No.706/2018/VietCredit-NQ dated October 2nd, 2018.
VietCredit is responsible for carrying out the charter capital increase in compliance with the applicable laws; Upon completion of all recapitalization procedures, VietCredit is required to submit the documents for revising its charter capital in its License to the SBV in accordance with Circular No.25/2017/TT-NHNN dated December 29th, 2017 stipulating the dossiers, sequences and procedures for approving the changes at non-bank credit institutions.
The Document shall be valid within 12 months from the date of signing. The Document will cease to be valid in case that the recapitalization plan of VietCredit is not implemented as scheduled, or that its General Shareholders’ Meeting adopts a change in the recapitalization plan, which has already been approved by the SBV.
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