Loc Phat Bank wants to spend nearly 10,000 billion VND to buy FPT shares

The Board of Directors of Loc Phat Vietnam Commercial Joint Stock Bank (LPBank) has just supplemented and updated the documents for the 2024 Extraordinary General Meeting of Shareholders. Accordingly, LPBank added a proposal to ask for shareholders' opinions on the plan to contribute capital and purchase shares of FPT Joint Stock Company (stock code FPT). Specifically, the bank proposed to invest in purchasing shares of up to 5% of FPT's charter capital in 2024 - 2025 or at a suitable time after approval from the state management agency.

Loc Phat Bank Vietnam will invest nearly 10,000 billion VND to buy FPT shares

FPT currently has more than 1.46 billion shares in circulation and is priced at VND135,300/share. If buying the maximum 5%, equivalent to 73 million FPT shares, Loc Phat Bank will have to spend nearly VND9,900 billion.

Loc Phat Bank Vietnam assesses that FPT shares have the potential to bring attractive returns and contribute to diversifying the bank's asset portfolio. The shareholder report stated: FPT is a leading technology company in Vietnam, with a solid business foundation and high growth rate maintained over a long period of time. FPT is increasingly moving higher on the technology value chain thanks to its focus on AI, Cloud, Big Data and specialized fields with great development potential. In addition, FPT shares are one of the few stocks that have maintained a stable price increase over the years, paying dividends regularly. Currently, FPT shares have good liquidity, are part of the VN30 index, representing leading stocks, and have great appeal to foreign investors in the medium and long term.

Regarding this investment activity, LPBank believes that, in addition to the central role of banking business, investing in listed stocks will help diversify investment channels and optimize shareholders' capital contributions. The total investment value does not exceed the investment ratio prescribed by law.

Up to now, the two largest shareholders at FPT are Chairman Truong Gia Binh and the State Capital Investment Corporation (SCIC), with holdings of 6.08% and 5% of FPT's charter capital, respectively.

Source: https://thanhnien.vn/ngan-hang-loc-phat-muon-chi-gan-10000-ti-dong-mua-co-phieu-fpt-185240922094847817.htm