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SSI sees an opportunity in ANZ divestment
Australian bank ANZ will divest 61 million shares from Saigon Securities Inc (SSI) after seven years of working together, SSI announced on September 29.
Chairman and General Director of SSI Nguyen Duy Hung said that the shares, which are equal to a 17.5 per cent stake in SSI, will not be sold in the public market but are under negotiations. Thus, it will not directly affect SSI's share value.
On the same day, each SSI share was sold at VND30,700 (US$1.46), an increase of VND1,500 ($0.07) from September 26.
According to SSI, ANZ has decided to withdraw capital from SSI because it wants to concentrate on commercial banking in the Vietnamese market. The SSI chairman appreciated the relationship with the bank, saying that it has contributed significantly to SSI's development, especially in developing its customers' network.
The chairman also said that the divestment would not affect his company's business strategy. Instead, it will give SSI a huge opportunity.
Hung said that many foreign investors are interested in SSI as the company is leading the market with increasing profit. However, it has not been able to accommodate foreign investors since 2011 and had to wait for the Vietnamese government's approval for allowing more foreign investment.
He added that the withdrawal of ANZ now allows his company to accommodate some foreign investors without the government's approval.
Hung noted that 2014 is the best year for the stock market, adding that the prospects predicted for 2015 will be good also.
One of the leading securities companies in Viet Nam, SSI was founded in 1999. Its registered capital as of March, 2013 was VND3.53 trillion ($168.4 million). In Q2 of 2014, SSI reported a revenue of VND492.85 billion ($23.4 million) and profit-before-tax of VND 348.6 billion ($16.6 million).
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