CII: SSC approves to decrease CII’s foreign room
On September 27, 2012, the State Securities Commission of Vietnam (SSC) issued a document to reply another document dated September 11, 2012 by Hochiminh City Infrastructure Investment Joint Stock Company (CII) about the decrease in ownership ratio of foreign investors to CII stock. The State Securities Commission of Vietnam has the following options:
- To agree with CII to freeze CII’s foreign room at 15.09% of charter capital so that CII can prepare for the conversion of US$40 million convertible bonds. - To fix CII’s available foreign room at 33.91% of charter capital. Foreign investors are allowed to sell and not to buy CII shares until the available foreign room decreases to 33.91%. - CII must announce the plan to repurchase convertible bonds if these bonds are not converted into shares to avoid disputes and to ensure that the foreign room does not exceed 49% of charter capital.
- To agree with CII to freeze CII’s foreign room at 15.09% of charter capital so that CII can prepare for the conversion of US$40 million convertible bonds.
- To fix CII’s available foreign room at 33.91% of charter capital. Foreign investors are allowed to sell and not to buy CII shares until the available foreign room decreases to 33.91%.
- CII must announce the plan to repurchase convertible bonds if these bonds are not converted into shares to avoid disputes and to ensure that the foreign room does not exceed 49% of charter capital.
HOSE
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