Many firms buy back their shares

Saigon Securities Inc. (SSI), Vietnam’s biggest brokerage, has announced it has bought back more than 1.25 million shares.

The Hanoi-based brokerage’s net profit in the final quarter last year was VND41 billion (US$2.3 million), a decline of 84.3 percent over the previous quarter, according to Vietstock.com.

Statements posted on the Ho Chi Minh Stock Exchange’s website show that other firms are also planning similar action.

Cab operator Vietnam Sun Corp. (VNS), Vinasun, has bought back 510,000 of its shares. The firm’s after-tax profit last year was VND56 billion ($3.2 million), a year-on-year increase of 6.06 percent.

Unlisted Saigon Commercial Bank also plans to buy back 1.6 million shares on the OTC (over-the-counter) market. The purchase will start on February 25 and finish on March 4.

 Thanh Nien

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