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New broker takes seat on HCMC bourse
Saigon Telecommunication and Technologies Corporation (SGT) is the latest listed firm and BETA Securities Company the latest member of the HCM City Stock Exchange.
SGT began trading on January 18 with 71,500 shares changing hands. Its starting price of 90,000 VND (5.6 USD) climbed 20 percent to close at 108,000 VND.
The company has a chartered capital of 450 billion VND, with investments in infrastructure for information and communication technology industrial parks, hi-tech parks, Internet services, telecommunication equipment and solutions and information technology human resource supply.
Last year it achieved a turnover of 851 billion VND, yielding a net profit of more than 151 billion VND.
Its target annual turnover is 1.6 trillion VND for 2008 and 3 trillion VND for 2009. Net profit is expected to reach 353 billion VND this year and 713 billion VND next year.
Chairman Dang Thanh Tam said between 2008 and 2010, his company will invest in major projects including the 200 billion VND SaigonICT 2 Building in HCM City’s Quang Trung Software Park.
It will contribute half of the 40 million USD investment needed to build Saigon Tel-Vinatex Tower in District 4.
It will invest 1.7 trillion VND to build two industrial park projects, the ICT Dai Dong – Hoan Son, phase 2, in Bac Ninh province, and the Nam Song Hong industrial park-urban area project in Ha Tay province.
The company plans to increase its chartered capital to 800 billion VND this year and to 1.2 trillion VND in 2009.
BETA offers brokerage, investment consultancy and depository services.
General Director Nguyen Vinh San said his company has signed contracts with several local and foreign banks so that it can offer customers a credit line of around 150 billion VND.
Asia Commercial Bank and Vietcombank will manage customers’ cash accounts, he said.
During the next quarter, BETA will increase its chartered capital to 300 billion VND from the current 135 billion VND for business expansion.
VNA
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