Au Viet Securities Co plans to delist shares
Au Viet Securities Co plans to delist shares
Au Viet Securities Co (AVS) has surprised the market by asking for its shareholders' opinions on the company's plans to dissolve and delist its shares on the Ha Noi exchange given the market's improved performance since the beginning of the year.
According to AVS chairman Doan Duc Vinh, the company will terminate its services of brokerage, underwriting, stock depository and investment consultancy. It will also sell assets and leave the stock market.
"I think the dissolution is the right decision in the context that the top 10 brokerage companies account for up to 60 per cent of the market share. Small brokerages cannot compete and exiting now will save money for both myself and shareholders," Vinh said.
The company's executives currently hold 85 per cent of charter capital. Market insiders forecast the company's plan will likely be approved at its upcoming shareholders' meeting, expected to take place on March 20.
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