Chinese firm completes acquisition of IVS shares

In May, IVS shareholders approved a plan by the board of directors on issuing an additional 35.35 million shares for VND10,800 (US$0.46) per share.

The shares were issued for Guotai Junan International Holdings Limited (Hongkong) to raise charter capital by VND381.8 billion ($16.4 million) to VND693.5 billion.

After the deal, the Chinese firm will hold nearly 51 per cent of the charter capital in Vietnamese brokerage business.

Guotai Junan International Holdings Limited will expand its market in Southeast Asia as it aims to acquire another target in Singapore.

The deal was first reported by Chinese media.

IVS was founded in late August 2007 and listed shares on the Ha Noi Stock Exchange under code IVS in August 2011.

The company now has 34 million outstanding shares on the northern bourse.

IVS shares were flat at VND10,700 per share on Tuesday.

In the first half of 2019, IVS earned VND17.8 billion in revenue and VND3.55 billion in post-tax profit.

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