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State green-lights VN's first securities merger
VIT Securities will merge with MB Securities on November 1 in Viet Nam's first merger between securities firms, which recently received approval from the State Securities Commission.
The commission also granted a certificate for the exchange of stocks between the companies. More than 62.1 million shares will be issued.
The new brokerage after the merger will have charter capital of VND621 billion (US$29.2 million) due to the stock swap ratio. MB Securities shareholders will receive one new share for each two shares they currently own, while the ratio for VIT Securities shareholders is 1:0.462.
MB Securities has charter capital of VND1.2 trillion ($56.6 million), 120 million outstanding shares and convertible bonds worth VND600 billion ($28.3 million). VIT Securities has a charter capital of VND46 billion ($2.1 million).
VIT Securities posted losses of VND4.1 billion ($193,300) in the first six months of this year. As of the second quarter, its accumulated losses reached VND24.6 billion ($1.1 million), 53 per cent of the charter capital. The company's total assets amounted to only VND29 billion ($1.3 million).Both companies are unlisted.
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