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Japanese interest in VietinBank Securities
Japan-based Arts Securities and VIP LLC are eyeing a possible strategic investment in VietinBank Securities Co.
In talks on Tuesday, representatives of the three companies discussed legal procedures and regulations governing an acquisition of shares in VietinBank Securities by Japanese investors. They reportedly reached an initial agreement on the deal and will continue disccussions to finalise the details.
VietinBank Securities currently had 11 million shares available for sale to strategic partners, representing a value of VND110.66 billion (US$6.2 million) or about 12.3 per cent of the company’s charter capital.
In addition to a strategic partnership, the three firms also explored the possible establishment of a fund management company to serve Japanese investments in Viet Nam.
VietinBank Securities general director Phan Quoc Huynh said the Japanese firms would collaborate with the local brokerage to attract additional Japanese investors to the local market and support VietinBank Securities in opening a representative office in Japan.VietinBank Securities earned VND124.9 billion ($7.01 million) and posted a net profit of VND51.2 billion ($2.8 million) in the first seven months of this year.
It has a total of 78.9 million outstanding shares listed on the Ha Noi Stock Exchange, coded CTS. CTS shares yesterday rose 0.65 per cent to VND30,900 each.
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