Brokerages merge to avoid bankruptcy

Saturday, Jun 22, 2013 14:22

HCM CITY (Biz Hub)— Sacombank Securities Co (formerly listed as SBS on the HCM City Stock Exchange) is considering a merger with Phuong Nam Securities, according to a recent document released by Sacombank Securities.

From a company with a charter capital of over VND1 trillion (US$47.6 million), Sacombank Securities' accumulated losses as of last year were VND1.77 trillion ($84.2 million). The company delisted in March.

In April, its chairman Kieu Huu Dung announced it would merge with another company. Meanwhile Phuong Nam Securities deputy general director Phan Quoc Huynh became a general director of Sacombank Securities.— VNS

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