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Sacombank brokerage services prosper
Sacombank Securities Company (HoSE: SBS) intends for brokering services to account for 50 per cent of annual total turnover, said the company's General Director Nguyen Thanh Hung.
To achieve the target, the company would develop new products in conjunction with their brokering services, Hung said, adding that institutional investment was anticipated to contribute 30 per cent, while consultancy and banking investment would account for 20 per cent of turnover.
"The situation in the market remains challenging, which will affect our investments. In such a situation our target will be stocks of safe business sectors with high dividend payments," said Hung.
Volatilities among gold, inflation and interest rates in 2010 had created great challenges, leading to a drop in profits, he said, noting that post-tax profits for 2010 fell 64 per cent from 2009 to VND92.2 billion (US$4.3 million). The figure represented 56 per cent of their revised business target.
This year, the company targeted a pre-tax profit of VND200 billion ($9.3 million) and a dividend payment from 8 to 12 per cent. The management board will decide whether the dividend will be paid in cash or shares.
The brokerage house scheduled an overseas listing in one of four stock markets, including London, Luxembourg, Laos or Singapore. The management board will initiate a detailed process for this overseas listing which is expected to be implemented during the 2011-13 period.
An extra issuance of shares will be executed this year to increase the company's charter capital from VND1.3 trillion ($60.5 million) to VND1.4 trillion. The total share offer includes 16.7 million stocks, of which about 12.7 million will be sold to existing shareholders under a 10:1 ratio. Another 2 million will be offered to a strategic partner based on a price established by the company's management board, while the remaining 2 million will be sold to staff at face value.
Money raised through the issuance, would be allocated to Lane Xang Securities, a subsidiary of Sacombank Securities in Laos, said the brokerage Chairman Nguyen Ho Nam.
The company would use part of this capital to open a non-life insurance company and allocate the remaining capital to working funds, Nam said.
The company shares, SBS, on Mar. 21 closed up 4.65 per cent at VND17,200 a piece.
vietnamnews
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