First all foreign-owned securities firm approved

Saturday, Oct 19, 2013 21:42

HCM CITY (Biz Hub)  — Maybank Kim Eng Viet Nam received approval from the State Securities Commission (SSC) this week to become the country's first completely foreign-owned securities company.

Leaders of Maybank Kim Eng at the company's launching ceremony. — Photo

Currently, Maybank Kim Eng Holdings owns about 48.55 per cent of Maybank Kim Eng Viet Nam. The firm plans to acquire the remaining 51.45 per cent of equity stake (15,435,000 shares) held by four local shareholders.

"We are honoured to be the first securities company in Viet Nam that is 100 per cent foreign owned. Viet Nam is a very important market for us and we are strongly committed to the long-term development of our business operations here," said John Chong, acting head of Maybank Kim Eng Holdings.

The country's favourable demographics, rich natural resources and strategic location in Asia all pointed towards inevitable long-term success, he added.

Maybank Kim Eng started its operations in Viet Nam in 2008. It offers a full range of financial services including brokerage, internet trading and research, investment banking and corporate finance advisory services. Today, it ranks among the top 10 brokerages in the country.

As a further demonstration of its long-term commitment in Viet Nam, Maybank Kim Eng Viet Nam has been working with authorities on various fronts to support the development of the Vietnamese securities market.

In August, the firm signed a three-year co-operation and technical support framework agreement with the SSC to collaborate on joint initiatives that will contribute to the sustainable, long-term growth of Viet Nam's securities market.

In September, it hosted a group of more than 30 investors from Thailand to help them better understand Viet Nam's securities market and the emerging opportunities in the country.

The investors also visited several large enterprises in Viet Nam including Vinamilk (VNM), PetroVietnam Fertiliser and Chemical Corporation (DPM), PetroVietnam Drilling and Well services Corporation (PVD) and Ba Ria – Vung Tau Housing Development Corporation (HDC), giving them the opportunity to network and exchange information.

"We look forward to closer collaboration with country authorities, which will lead to increased market activity and in turn boost the overall vibrancy of the capital markets in Viet Nam," said Le Minh Tam, chairman of Maybank Kim Eng Viet Nam. — VNS

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