SeABank is about to issue 42 million ESOP shares to employees

The Board of Directors of Southeast Asia Commercial Joint Stock Bank (SeABank - HoSE: SSB) has just passed a resolution on the issuance of 42 million shares under the Employee Stock Option Program (ESOP) in 2023 at a price of VND12,000/share. The total issuance value at par value is up to VND420 billion. The expected issuance time in 2023 will be specifically decided by the Board of Directors, in accordance with the actual situation and approved by the competent State agency.

The program's participants include members of the Board of Directors, members of the Supervisory Board, officers and employees of SeABank and its subsidiaries who satisfy the criteria and conditions in the Regulations on ESOP share issuance of SeABank.

Some managers and employees who do not meet one/some or all of the criteria for participation in the 2023 ESOP program may be considered for exceptions based on their seniority, special achievements/contributions, work efficiency, etc.

Employees who own ESOP shares are allowed to transfer up to 50% of the shares they own after 1 year and 100% of the shares after 2 years from the date of completion of the issuance. The issuance of ESOP shares in 2023 ensures compliance with the maximum foreign ownership ratio at SeABank in each period.

According to SeABank, the issuance of ESOP shares shows respect, recognition and retention of senior managers and employees with good working efficiency of the bank.

Thereby encouraging commitment and dedication; promoting efforts to complete assigned goals and tasks; retaining competent personnel, maintaining a stable team of managers and key staff.

If the ESOP stock issuance is successful, SeABank's charter capital is expected to increase from VND24,537 billion to VND24,957 billion.

Previously, SeABank also issued 295.2 million shares to pay dividends to shareholders to increase charter capital. Accordingly, the company distributed a total of 295,196,404 shares to 3,916 shareholders. In addition, there are 3,569 odd shares that have not been distributed yet.

At the same time, the bank also issued 118.2 million bonus shares at a rate of 5.8%. The capital issued comes from the capital surplus as of December 31, 2022 according to the audited semi-annual financial report for 2022. After completing the above share issuance, SeABank successfully increased its charter capital to more than VND 4,143 billion, from nearly VND 20,403 billion to VND 24,537 billion.

In the market, in the morning trading session of October 12, SSB shares were fluctuating around the price of 24,800 VND/share with a trading volume of more than half a million units .

Thu Huong

Source