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STB hit the ceiling price of 68,600 dong per share as the bank submitted multiple proposals ahead of tomorrow's shareholders meeting, including nominating Nguyen Duc Thuy to the Board of Directors. Sacombank's shares stayed green through the morning session and rose to the ceiling after lunch. The stock moved sharply as Sacombank added and adjusted several proposals on the eve of the annual shareholders meeting. Accordingly, the bank is expected to elect CEO Nguyen Duc Thuy to the board, and at the same time withdraw the proposal to extend the restructuring plan to the end of 2030 as announced about two weeks earlier. The rally in Sacombank's stock narrowed after the price-matching session, up 5.5% and closing at 67,700 dong. This ticker led the gains in the banking group, far ahead of peers such as LPB (2.3%), EIB (1.8%), and TCB (0.3%). According to VNDirect Securities, STB contributed 1.4 points to the VN-Index, helping the Ho Chi Minh City market avoid a deeper decline. Mr Nguyen Duc Thuy. Photo: Sacombank In contrast, most bank stocks finished below the reference price. VPB, SHB, TPB, VCB, ACB all fell 0.8-1.8% and were among the biggest negative contributors to the VN-Index. Red across the sector spread widely, lifting the total number of declining stocks on the Ho Chi Minh City exchange to 227, about twice the number of gainers. The large-cap basket had 21 stocks finishing below the reference price, while gains were seen in fewer than 10. The VN-Index thus fell nearly 4 points to 1,833. VIC remained a key pillar for the market, rising another 1.4% to 193,700 dong. This stock contributed more than 4 points to the index. Focus East Sacombank will present to shareholders a plan to rename from Saigon Thuong Tin Bank to Saigon Tai Loc Bank. Sacombank wants to change its name Mr Nguyen Duc Thuy became the bank's CEO from March 3, after two months with the bank. Sacombank held its first annual shareholder meeting in Phu Tho, after moving the venue from Ho Chi Minh City for the first time in 20 years. Back to Business
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