The 2024 extraordinary general meeting of shareholders of Loc Phat Vietnam Commercial Joint Stock Bank ( LPBank ) on November 16 in Ninh Binh approved the Board of Directors' proposal on the plan to distribute profits in 2023, increase charter capital in 2024, contribute capital to buy FPT shares and change the head office location. However, LPBank has not announced specific information about the location and time of moving to the new headquarters.
Regarding the plan to contribute capital and buy shares of FPT Group, LPBank plans to buy up to 5% of charter capital, thereby becoming a major shareholder of Vietnam's leading technology group.
Regarding the plan to increase charter capital in 2024, the bank currently has a charter capital of VND 25,576 billion. Charter capital is expected to increase to VND 29,873 billion through the issuance of shares to pay dividends in 2023 to existing shareholders at a rate of 16.8% (equivalent to VND 4,296 billion).
The Congress also dismissed Mr. Le Hong Phong and Mr. Le Minh Tam from the positions of members of the Board of Directors and elected Ms. Vuong Thi Huyen and Mr. Pham Phu Khoi.
The election of Mr. Pham Phu Khoi as a member of the Board of Directors was a surprise because LPBank previously introduced Ms. Vuong Thi Huyen and Mr. Yew Teong Soon, independent members of the Board of Directors of LPBank Securities.
The bank's leaders said that in the first 10 months of 2024, LPBank achieved VND9,952 billion in pre-tax profit, completing 114% of the yearly plan. It is expected that in the whole year of 2024, LPBank will exceed the profit plan approved by the General Meeting of Shareholders of VND10,500 billion.
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