HCM City-based fund management company, Dragon Capital, has become a major shareholder in Viet Nam’s three biggest securities firms.— Photo vietnambiz.vn

HCM City-based fund management company, Dragon Capital, has become a major shareholder in Viet Nam’s three biggest securities firms.

According to the Ho Chi Minh Stock Exchange (HoSE), Dragon Capital last week purchased nearly 113,000 shares of Saigon Securities (SSI), thereby increasing the total number of shares the fund holds at SSI to 25.05 million shares, equivalent to a 5 per cent stake in SSI.

SSI has loosened its foreign cap to 100 per cent and foreign ownership in this securities company currently reaches nearly 60 per cent. In the first nine months of 2018, SSI recorded consolidated revenue of more than VND3 trillion, up 52 per cent ​​and equivalent to 89 per cent of the annual plan, pre-tax profit touched VND1.4 trillion, up by 38.4 per cent and reaching 84 per cent of the annual plan.

In addition to SSI, Dragon Capital is also a major shareholder of Viet Capital Securities Joint Stock Company (VCSC) with a nearly 8 per cent stake in the company. The fund is also the largest shareholder of HCM City Securities Corporation (HSC), holding 30.27 per cent of HSC shares.

SSI, HSC and VCSC are the three securities companies with the largest market share in Viet Nam. In the third quarter of 2018, SSI’s brokerage market share reached 15.8 per cent, HSC reached 11.5 per cent and VCSC reached 8.9 per cent. — VNS