BIDV Securities lowers foreign stake

Wednesday, Sep 23, 2015 08:00

HA NOI (Biz Hub) — The BIDV Securities Corporation (BIC) has reduced the foreign ownership limit in the company's capital from 49 per cent to 21.5 per cent.

The decision aims to ensure that foreign investment in the company will not exceed 49 per cent of the capital after the Ministry of Finance asked BIC to issue additional 41 million shares – equal to 35 per cent of the company's capital - for Hong Kong-based Fairfax Asia Limited.

The share issuance was made in order to raise the company's chartered capital from VND762.2 billion (US$33.8 million) to VND1.17 trillion ($51.9 million) and the foreign investor will be able to join the company's board of directors.

Fairfax Asia Limited is an insurance firm founded in 2002 in Hong Kong as a member of Canada-based Fairfax Financial Holdings Limited.

BIC rose 0.4 per cent to close at VND23,600 at the end of yesterday trading session.— VNS

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