[Vnbiz] Asia Commercial keen to complete planned listing

[Phan, Tai]

 Tuesday September 19, 2006


Asia Commercial keen to complete planned listing

HANOI: The Asia Commercial Bank (ACB), Vietnam's fifth largest bank by assets, is keen to complete its planned listing this year before changes to corporate tax laws kick in. 

"ACB is speeding up preparation to submit its listing files to the State Securities Commission, racing against time before Jan 1, 2007," deputy general director Nguyen Thanh Toai was quoted by the Securities Investment weekly as saying. 

"If allowed to list this year, ACB will get a huge reduction in corporate income tax," Toai said, referring to a 50% tax reduction due to expire at year-end.  

Toai was not immediately available to comment. 

Ho Chi Minh City-based ACB said last week the central bank approved it to list on the stock market, making it the second bank to trade on the six-year-old exchange after Sacombank. 

ACB shares were steady at 13.5-14.6 million dong (US$844-US$912) on unofficial markets last week, implying the bank was now valued at close to US$1bil. - Reuters