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Home / Economy / Banking & Finance
SSI plans unlimited ownership ratio for foreign investors
16:58, 2015/08/13
Saigon Securities Inc (SSI) is collecting opinions of shareholders on an unlimited ownership rate of foreign investors in the company, according to the Vietnam Securities Depository (VSD).
The deadline for shareholders' letters on the amendment of the company charter is September 7. SSI would then reach a conclusion on the opinions by September 18. 
In an earlier report, SSI said it would issue 42.7 million shares, equal to 427 billion VND (19.5 million USD) to pay the remaining dividends of 2014 at the rate of 10 percent to its shareholders. 
 
Saigon Securities Inc (Source: cafef.vn)
Saigon Securities Inc (Source: cafef.vn)
SSI's charter capital after issuance is expected to reach 4.7 trillion VND (215.2 million USD).
A government decree issued on June 26 this year allowed companies in non-conditional business fields to make independent decisions about the foreign ownership rate in their companies. This takes effect in September. 
Nguyen Duy Khanh, a member of SSI's board of directors, said the unlimited room for foreign investors would enhance the company's independence and supervision via a diverse group of shareholders. 
The DWS Vietnam Fund Limited, a closed-end fund incorporated in the Cayman Islands with a target of seeking long-term capital appreciation of its assets, has increased its exposure to broker stock SSI. 
The Fund, which invests in securities such as equity and debt instruments of entities that do some or all of their business in Vietnam, said in a recent report that the new foreign ownership limit had positive potential for the stock. 
SSI shares ended at 26,900 VND (1.23 USD) on the HCM City stock market on August 12.
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