SSI sees an opportunity in ANZ divestment

Sep 30th at 16:41
30-09-2014 16:41:42+07:00

SSI sees an opportunity in ANZ divestment

Australian bank ANZ will divest 61 million shares from Saigon Securities Inc (SSI) after seven years of working together, SSI announced on September 29.

 

Chairman and General Director of SSI Nguyen Duy Hung said that the shares, which are equal to a 17.5 per cent stake in SSI, will not be sold in the public market but are under negotiations. Thus, it will not directly affect SSI's share value.

On the same day, each SSI share was sold at VND30,700 (US$1.46), an increase of VND1,500 ($0.07) from September 26.

According to SSI, ANZ has decided to withdraw capital from SSI because it wants to concentrate on commercial banking in the Vietnamese market. The SSI chairman appreciated the relationship with the bank, saying that it has contributed significantly to SSI's development, especially in developing its customers' network.

The chairman also said that the divestment would not affect his company's business strategy. Instead, it will give SSI a huge opportunity.

Hung said that many foreign investors are interested in SSI as the company is leading the market with increasing profit. However, it has not been able to accommodate foreign investors since 2011 and had to wait for the Vietnamese government's approval for allowing more foreign investment.

He added that the withdrawal of ANZ now allows his company to accommodate some foreign investors without the government's approval.

Hung noted that 2014 is the best year for the stock market, adding that the prospects predicted for 2015 will be good also.

One of the leading securities companies in Viet Nam, SSI was founded in 1999. Its registered capital as of March, 2013 was VND3.53 trillion ($168.4 million). In Q2 of 2014, SSI reported a revenue of VND492.85 billion ($23.4 million) and profit-before-tax of VND 348.6 billion ($16.6 million).

bizhub



NEWS SAME CATEGORY

DHG decides not to invest in Myanmar drug factory

Can Tho-based Hau Giang Pharmaceutical (DHG) will not acquire stakes in the Anh Sao Viet Pharmacy Joint Stock Company (ASV Pharma Viet Nam), which has a...

PetroVietnam revenue hits $23b

Viet Nam National Oil and Gas Group (PetroVietnam) achieved 74 per cent of its annual target by earning VND492 trillion (US$23.4 billion) in revenues in the first...

Pharma buy opens path into Myanmar

Hau Giang Pharmaceutical (DHG) will begin its expansion into Myanmar by acquiring a majority stake in ASV Pharma, which partners with a Myanmar firm building drug...

Mobile World earns VND52b in profits in July

 Mobile World Group (MWG) recently announced its revenue and profit in July reached VND1.2 trillion ($56.6 million) and VND52 billion ($2.45 million), respectively.

Mobile World earns VND52b in profits in July

Mobile World Group (MWG) recently announced its revenue and profit in July reached VND1.2 trillion ($56.6 million) and VND52 billion ($2.45 million), respectively.

SOEs slow to withdraw from non-core businesses

For the last three years, most State-owned enterprises (SOEs) have had stable operations with acceptable profits, but capital withdrawal from their non-core...

Thanh Cong plans to build new Mekong Delta factory

The Thanh Cong Textile Garment Investment Trading Joint Stock Company is planning to build a new factory in the Mekong Delta province of Vinh Long next month.

HPG expansion to make it Vietnam's biggest steel producer

Leading steel producer Hoa Phat Group (HOSE:HPG) plans to expand its capacity to become Vietnam’s biggest steel firm within the next two years.

TTF to use $15m share raising to pay down debts

Truong Thanh Furniture (TTF) announced it is finalising procedures to issue more than 31 million shares, hoping to raise VND310 billion (US$14.6 million) to reduce...

Kinh Do net shoots up after restructure

Confectionery producer Kinh Do Corporation has reported a net profit of VND93 billion (US$4.4 million) in the first half, 22 per cent year-on-year growth.


MOST READ


Back To Top