BIDV Securities JSC (BSC) intends to go through with a public offering on December 29 under the stock code BSI.

Earlier this month, BSC said it would put up to 10 million common shares on offer at the Hanoi Stock Exchange, starting at VND10,000 (44 US cents) per share.

This put the upcoming public offering’s value at about 9 per cent of BSC’s charter capital of VND929 billion ($41.3 million), as of the third quarter of this year.

BSC wants to increase its charter capital by VND146 billion ($6.5 million) to more than VND1 trillion ($44.5 million), through the next offering and an additional 4.6 million share issuance on Friday to pay off its 2017 dividend.

At the moment, BSC has more than 92 million common shares on the market and 5,149 treasury shares, at the book price of VND12,134 (54 US cents) per share.

BSC said the maximum purchase for foreign investors was no more than 10 million shares.

The deadline for investors’ registration is December 27.

As a subsidiary of the Bank for Investment and Development of Viet Nam (BIDV), up to 88.12 per cent of BSC’s charter capital is held by the BIDV, while another 7.86 per cent is owned by Finnish PYN Elite Fund.

By 2017’s third quarter, BSC’s owner’s equity has reached VND1.09 trillion ($48.5 million), post-tax income at VND119 billion ($5.3 million) and an earning per share of VND1,330 (5 US cents).

BSC operates in securities brokerage, underwriting, investment advisory, and derivatives trading.

The company 2016’s revenue structure included 56.7 per cent from investment activities, 20.9 per cent from brokerage activities, 15.5 per cent from securities investment loans, and the rest from other operations. — VNS