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Eximbank to become sixth listed bank   2009-10-22 - Viet Nam News

Eximbank will list 876.2 million shares on the HCM City Stock Exchange on October 27, the bank announced late Tuesday.

The listing, representing a total equity value of VND8.8 trillion (US$494.3 million), would make Eximbank the fourth listed bank on the HCM City exchange and the sixth of both Vietnamese stock markets.

The shares, coded EIB, would be offered at an initial price of VND28,000 ($1.60), and investors would be allowed to place opening-day orders within a trading band of plus-or-minus 20 per cent.

Nguyen Hoang Hai, a securities analyst from a HCM City-based brokerage, said the price was quite reasonable and would motivate bidding on the opening day.

"Enterprises begin lowering their assessment of share offering prices as a defensive mechanism against market risk on the first trading day," Hai said. "Within a trading band of 20 per cent, investors could achieve at 10- to 15-per-cent profit."

Eximbank has posted a profit of VND1.16 trillion ($65.2 million) in the first nine months of this year, reporting total assets at the end of the third quarter of VND63 trillion ($3.5 billion) and total deposits of VND45.5 trillion ($2.6 million).

Saigon Securities Inc analyst Nguyen Linh said that the stable revenues of commercial banks would ensure the long-term profitability of shares and would be shored up in the final quarter of this year as improving exports helped drive bank payment services.

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