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PetroVietnam Securities gets Japanese partner
Japan's Nikko Cordial Securities Inc became a strategic partner of PetroVietnam Securities Company (PSI) on Feb. 24, by acquiring a 14.9 per cent stake from a local brokerage.
The acquisition was worth about VND133.7 billion (US$6.2 million), raising PetroVietnam Securities' charter capital from VND509.3 billion ($23.5 million) to VND598.4 billion ($27.2 million).
Via the acquisition, the first investment by Nikko Cordial in Viet Nam and Southeast Asia, Nikko Cordial Securities will help PetroVietnam Securities improve corporate governance and develop investment banking. Staff training courses will also be organised.
Chairman of PetroVietnam Securities Bui Ngoc Thang said the partnership with Nikko would make the company more competitive in the securities services sector.
The relationship would provide an opportunity to promote the PetroVietnam trademark in the Japanese market, benefiting all PetroVietnam subsidiaries in their attempts to attract foreign capital, he added.
Hiroshi Kobayashi, chief executive officer of Nikko Cordial Securities, said that he was proud to be in Viet Nam partnering a leading local petroleum company.
He pledged support for PetroVietnam Securities and said he hoped that it would become a market leader.
PetroVietnam Securities targeted a revenue of VND352 billion ($16.2 million) and a pre-tax profit of VND102 billion ($4.7 million) this year. It achieved a turnover of VND258.7 billion ($11.9 million) and a pre-tax profit of VND85.7 billion in 2010.
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