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Partner ups Bien Viet stake
South Korea’s Woori Investment & Securities Ltd will increase its stake in Bien Viet Securities Co from 12.6 per cent to 49 per cent, Bien Viet chief executive Vu Duc Nghia announced yesterday.
The Law on Securities allows foreign investors to hold a minority interest of up to 49 per cent in any firm not otherwise made conditional to foreign investment, e.g., commercial banks.
The State Securities Commission has approved the South Korean firm’s acquisition plans, which would make Woori the leading strategic partner of Bien Viet, Nghia added, although he declined to release additional details about the deal.
"We are currently closely co-operating in developing market indices, and the collaboration would be strengthened in the future with this further acquisition," he said, noting that the partnership would also play a role in luring more South Korean investors to invest in Vietnamese stocks.
Bien Viet Securities, headquartered in Ha Noi, has charter capital of VND135 billion (US$7.58 million).
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