APG removes foreign ownership limit
APG removes foreign ownership limit
An Phat Securities has received shareholders’ approval to remove the foreign ownership limit, aiming to catch the eyes of foreign investors.
Besides, An Phat plans to issue 20.5 million shares to increase its chartered capital. The shares will be issued separately for maximum 100 investors at the initial price of VND10,000 ($0.44), and the company may earn VND205 billion ($9.01 million) from the sale.
The investors taking over the stakes will not be permitted to transfer them within one year.
The company expects to conduct the sale in the third or fourth quarter and the entire proceeds will be used to invest in the company’s business operations.
This year, the company expects to earn VND14.7 billion ($646,313) in revenue, up 273.8 per cent compared to last year, and VND7.35 billion ($323,156) in after-tax profit.
Previously, some other securities companies also decided to increase the foreign ownership limit. Notably, in September 2015, Saigon Securities Inc. (SSI) took down all the breaks for foreign ownership. However, as of April, the foreign ownership rate at SSI grew to only slightly more than 55 per cent, from the previous 49 per cent.
A few months ago, the State Securities Commission agreed to the proposal of FPT Securities JSC and Vietnam Investment Securities Company to increase their foreign ownership limit to 100 per cent. However, to date, there has yet updated information about foreign owership of FPT Securities and Vietnam Investment Securities Company.
