After ACB receiving permit of issue of 9,995,344 shares, quite a few banks, investment funds, foreign and domestic institutions expressed their interest to buy the securities. Total number of shares subscribed for was 2.5 times the number of shares offered.

ACB’s Board of Directors decided to sell 30% of the issue, equivalent to 2,998,603 shares, to three existing foreign shareholders at the price of VND 200,000 per share, the other 70% was sold to seven domestic investors at VND 172,142 per share.

On 12 December 2007, ACB completed the registration for new share capital of VND 2,630 billion, increased from VND 2,530 billion.

It is noticeable that several new foreign investors offered VND 230,000 per share (23 times par value). However, the Board decided to sell the share at VND 200,000 for three existing long-term foreign shareholders. Domestic investors were shortlisted as amount subscribed for was larger than the amount offered. This successful issue demonstrated investors’ strong interest in Vietnam banking industry in general and in ACB in particular.

With the current share capital of VND 2,630 billion, the coming issue of convertible bonds worth VND 1,350 billion to shareholders, the outstanding convertible bonds of VND 550 billion, and the capital surplus of VND 1,704 billion from the issue of ten million shares, ACB’s equity shall increase to VND 6,234 billion in the first quarter of 2008.

For financial year 2007, ACB’s total assets are likely to amount to VND 82,000 billion, pre-tax profit VND 2,000 billion, and retained earnings VND 1,450 billion, which shall be used to increase share capital. As such, dividend payout ratio is estimated to be 55%. Accordingly, ACB’s equity shall amount to VND 7,684 billion, equivalent to USD 477 million.