Shares of Asia Commercial Joint Stock Bank (ACB) soared 8.1 percent on December 9 as the bank officially listed more than 2.16 billion shares on the Ho Chi Minh Stock Exchange (HoSE).

 

The shares debuted at 26,400 VND apiece and could trade on a 20 percent trading band on either side in the debut day. ACB shares surged to 28,550 VND apiece on December 9.

 

At the opening price of 26,400 VND, ACB’s market value was set initially at more than 57 trillion VND.

 

ACB moved its shares to HoSE from the Hanoi Stock Exchange (HNX). The last trading on the HNX was December 1.

 

The bourse-switching decision was made in June after shareholders approved a plan to move the bank’s shares to HoSE to help increase the market capitalisation.

 

ACB was founded in June 1993 with starting charter capital of 20 billion VND. At the moment, charter capital is 21.6 trillion VND.

 

The bank became the third lender to switch trading bourse after LienVietPostBank (LPB) and Vietnam International Bank (VIB) and also the 13th listed bank on the stock market.

 

In 2018-19, total revenues of the bank were 14 trillion VND and 16.1 trillion VND, respectively, and total post-tax profits were 5.14 trillion VND and 6.1 trillion VND, respectively.

 

In January-September 2020, total revenue was near 13 trillion VND and post-tax profit was 5.13 trillion VND.

 

According to HoSE, the listing of ACB shares on the southern bourse will help the bank tap the huge resource of capital, improve its brand and prestige to customers.

 

“As the major market regulator, HoSE will also partner with local companies to help them execute the tasks, especially in information disclosure, and update the policies and regulations, and create training programmes for all market members,” the HoSE said in a statement on December 9./.

VNA