SHB 459M Share Issuance: Trading Expected Mid-November 2026

Overview

Saigon-Hanoi Commercial Joint Stock Bank (SHB), listed on HOSE, told investors at its October 15 investor conference that more than 459 million shares issued in April 2026 have not yet begun trading because the State Bank of Vietnam has not finalized approval of the bank’s new charter capital. CEO Ngo Thu Ha said listing and trading should follow within roughly two weeks of that approval, pointing to mid-November 2026.

Key Facts

• April 2026 offering: more than 459 million shares to existing shareholders, ratio 100:10, offer price VND 12,500 per share.
• The offering also included a private placement and an ESOP tranche, per the CEO’s remarks.
• The State Bank has approved the capital-raising plan; the State Securities Commission has recorded the offering results.
• SHB’s file is now with the State Bank for recognition of the new charter capital in its operating licence; a decision was expected in October 2026, possibly the following week.
• After approval, SHB plans to list the additional shares on the Ho Chi Minh City Stock Exchange within a maximum of 10 days, then allow trading within 5 working days under Decree 155.
• 2026 dividend plan: 16% total, comprising 6% cash and 10% stock, paid from 2025 profit.
• Shareholders’ new shares are already credited to accounts, according to management; only the trading date is pending.

What Happened

Speaking at SHB’s investor conference on the afternoon of October 15, CEO Ngo Thu Ha addressed shareholder questions on the 2026 dividend and the timing of the April 2026 share issuance. She said the issuance fully complied with regulatory requirements: the State Bank approved the capital increase plan, and the State Securities Commission approved the successful offering to existing shareholders, the private placement and the ESOP.

Ha said the remaining step is the State Bank’s review and approval to record SHB’s new charter capital in its operating licence, which she expected during October 2026 or possibly the following week. Once that decision is issued, SHB will list the additional shares on the Ho Chi Minh City Stock Exchange within at most 10 days and permit official trading within 5 working days under Decree 155. On that timeline, investors could trade the shares by mid-November 2026. The company has not disclosed the total dong amount raised or the resulting charter capital figure.

Market Context

SHB closed at VND 10,400 on October 15, 2026, below the VND 12,500 offer price of the April issuance, meaning participants in that offering are currently underwater on the new shares. The pending overhang of 459 million shares has weighed on sentiment, and the stock has traded in a narrow band while the market awaits the State Bank decision. Vietnamese bank stocks more broadly have been sensitive to charter capital progress and foreign-ownership limits, with capital adequacy and room for credit growth the key sector themes.

Strategic Significance

The listing of the new shares converts a long-standing regulatory overhang into tradable supply, which should improve SHB’s free float and index-relevant liquidity once the State Bank signs off. The larger strategic point is capital: a higher charter capital base supports SHB’s credit growth quota and buffers its capital adequacy ratio, both central to the bank’s medium-term earnings trajectory. The 16% dividend, split between cash and stock, signals management’s intent to retain capital while still returning value, a balance that matters for a bank still building its capital base.

What to Watch

• State Bank of Vietnam decision recognizing SHB’s new charter capital in its operating licence.
• SHB’s filing to list the additional shares on HOSE and the official first trading date.
• Third-quarter 2026 earnings release and any update on credit growth and capital adequacy.
• Shareholder approval and execution timetable for the 6% cash and 10% stock dividend.
• Foreign-ownership room and any index or free-float adjustments following the listing.