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On April 21, Sacombank (STB) shares closed at 67,700 VND per share, up 5.45% from the prior session. Trading volume on the matching market surged to nearly 13.9 million shares, more than five times the previous session. The rally lifted Sacombank’s market capitalization to about 127,629 billion VND.
The price increase followed Sacombank’s publication of agenda items to be presented at the upcoming annual general meeting (AGM), based on a resolution signed by Chairman Duong Cong Minh on April 20.
In particular, Sacombank withdrew a proposal to extend the restructuring plan after the merger. The bank said debt collection and asset resolution continue to face legal hurdles, noting that many assets have complex characteristics and require additional time to complete related procedures.
On post-inspection matters, Sacombank stated that addressing issues also requires deeper restructuring of governance, processes, and the organizational apparatus. Despite the withdrawal, the bank said it remains committed to a comprehensive restructuring program aimed at improving efficiency and risk control.
Sacombank had originally planned to extend the restructuring timeline to 2030. However, withdrawing the proposal has raised market expectations for a new step in the restructuring path.
This year’s AGM is also expected to approve additional key items, including appointing a new member to the board of directors for the 2022–2026 term (candidates have not yet been announced) and a plan to rename the bank.
Specifically, Sacombank is expected to change its name to the Saigon Tai Loc Commercial Joint Stock Bank.
Outside STB, the stock market turned red across the board. The VN-Index closed down 3.63 points at 1,833.48, the HNX-Index fell 4.06 points to 253.27, and the UPCoM-Index declined 0.19 points to 129.3.
Banking stocks faced selling pressure, with many shares down around 1%. Some blue chips still rose, including STB (+5.45%), LPB (+2.28%), EIB (+1.77%), and TCB (+0.31%).
Real estate stocks remained mixed in the red market. Several names were green, including VIC (+1.41%), NVL (+3.21%), VHM (+0.48%), and VPI (+0.16%). However, several large-cap stocks declined, such as DXG (-2%), KBC (-2.43%), TCH (-2.34%), KDH (-1.15%), NLG (-1.4%), and BCM (-2.97%).
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