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SSI plans unlimited ownership ratio for foreign investors
Saigon Securities Inc (SSI) is collecting opinions of shareholders on an unlimited ownership rate of foreign investors in the company, according to the Vietnam Securities Depository (VSD).
The deadline for shareholders' letters on the amendment of the company charter is September 7. SSI would then reach a conclusion on the opinions by September 18.
In an earlier report, SSI said it would issue 42.7 million shares, equal to VND427 billion (US$19.5 million) to pay the remaining dividends of 2014 at the rate of 10 per cent to its shareholders.
SSI's charter capital after issuance is expected to reach VND4.7 trllion ($215.2 million).
A government decree issued on June 26 this year allowed companies in non-conditional business fields to make independent decisions about the foreign ownership rate in their companies. This takes effect in September.
Nguyen Duy Khanh, a member of SSI's board of directors, said the unlimited room for foreign investors would enhance the company's independence and supervision via a diverse group of shareholders.
The DWS Vietnam Fund Limited, a closed-end fund incorporated in the Cayman Islands with a target of seeking long-term capital appreciation of its assets, has increased its exposure to broker stock SSI.
The Fund, which invests in securities such as equity and debt instruments of entities that do some or all of their business in Viet Nam, said in a recent report that the new foreign ownership limit had positive potential for the stock.
On August 11, SSI shares ended at VND27,500 ($1.26) on the HCM City Stock market.
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