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Inconvenient to move to other bourses
The State Securities Commission (SSC) has decided that companies have to move to other bourses to list their shares if they cannot meet the requirements for chartered capital. But no company wants to move from its familiar position.
Different points of view
“It is not so easy to move to other markets. In many cases, people still go to old markets, though the markets are less beautiful than new markets. It is a kind of culture and habit,” said Nguyen Van Tuan, Chairman of Vinaconex, when he was asked if Vinaconex intended to leave the Hanoi Securities Trading Centre (HASTC) for the HCM City Stock Exchange (HOSE).
Tuan said that Vinaconex lists its shares at HASTC because the corporation’s head office is in Hanoi, and that Vinaconex does not have any intention to move to another bourse.
However, Asia Commercial Bank (ACB), whose head office is in HCM City, is still listing shares in Hanoi. Though the bank can meet the requirements to list shares in HCM City, it still has not thought of moving to the HCM City bourse.
Ly Xuan Hai, ACB General Director, said that SSC, in its latest document, Dispatch No 163, did not say that the companies now listing at HASTC had to move to HCM City bourse if they could meet the requirements for listing there. Therefore, ACB has no plan to list at HOSE.
Song Da 9 Joint Stock Company (SD9) is also not interested in moving from HASTC to HOSE, even though it has the chartered capital of VND150bil and made profit in 2008.
Nguyen Dang Lanh, Chairman of SD9, said that he cannot see anything considerably attractive about moving from HASTC to HOSE. He said that listing at HASTC is preferable as the Hanoi-based company can easily meet HASTC officials directly in Hanoi whenever necessary.
Lanh said that a securities company offered the consultancy fee for SD9’s move to another bourse at 1% of the total transaction value of the first trading session on the new bourse. As such, the company would have to pay a lot for the move.
The Vietnam Reinsurance Corporation (Vinare), which has the chartered capital of VND672bil, also said that it still has not thought of moving from HASTC to HOSE because the corporation has more important things to worry about.
Meanwhile, Nguyen Quang Vinh, General Director of Bao Viet Securities Company, is elated about his company’s upcoming move to HOSE. Vinh said that while the two bourses have the same requirements for transparency and information exposure, as well as number of listed companies, the shares listed at HOSE have higher liquidity.
Changing bourse a must?
It is unclear if companies which can meet the requirements on listing at HOSE (having at least VND80bil in chartered capital, making profit for the last two years), but now list shares at HASTC, have to move to HOSE.
In fact, SSC released Dispatch No 163 two months ago, stipulating that these companies have to register plans to move to list at HOSE. This is part of the plan on restructuring the stock market in the first phase to be implemented in early 2010.
As such, companies understand that they just have to submit plans on moving to HOSE, while it is unclear if they will be compelled to move.
Dau tu chung khoan, a local newspaper, reported that 68 of 177 listed companies now have the chartered capital of over VND80bil.
VietNamNet, DTCK
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