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SSI to ease overload with share buy-back
Saigon Securities Inc (SSI) will buy back one million shares in order to help ease the overload of shares currently weighing down the stock market, the firm said on its webside yesterday.
According to the report on the SSI website, a part of the funds needed for the buyback would also be drawn from the company’s employee benefits and welfare fund.
SSI CEO Nguyen Duy Hung said the firm aimed to use the shares as a bonus for his staff instead of money.
“That is the reason why we use the welfare fund for the buyback.”
As planned, the shares’ price during the buyback will be the market price at date of the transaction.
The firm is also considering an adjustment to the timing of additional share issues planned in order for SSI to raise its charter capital, plans approved last year.
It would also pay dividends in cash instead of in shares as previously planned.
“We have a lot of our own institutional capital to invest, so we will develop a good plan to disperse it in the way that will best develop our operations and build a foundation for investors’ trust,” said Hung.
“We hope that these measures will help improve the overall situation on the market as well as protect our own stockholders’ interest. We have received a lot of feedback from our shareholders on the common trends on the exchange. So we understand how hard they have tried to overcome this period,” Hung added.
“This has inspired us to develop a plan to benefit our shareholders.”
SSI is one of the nation’s leading brokerage houses. During the first two months of this year, SSI has earned 37 billion VND (2.3 million USD) from brokerage operations, accounting for 15 percent of total market share.
In trading on the Ho Chi Minh City Stock Exchange yesterday, SSI shares closed down 4.51 percent to 63,000 VND.
VNA
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