Securities firm to raise capital for brokerage activities

Wednesday, May 22, 2019 07:06

Vietnam Investment Securities Company (IVS) wants to increase its charter capital to nearly VND694 billion in order to perform more business activities on the Vietnamese equity market. — Photo

Vietnam Investment Securities Company (IVS) may sell an additional 35.35 million shares to enlarge its capital as the firm wants to be more active on the Vietnamese equity market.

The company plans to sell shares at VND10,800 (US$0.46) per share, valuing the deal at nearly VND381.8 billion ($16.4 million).

Its charter capital will rise to VND693.5 billion from the current VND340 billion if the deal is successful.

The targeted buyer is the Hong Kong-based securities brokerage house Guotai Junan International Holdings Limited, a member of Guotai Junan Securities Co Ltd.

If successful, the Hong Kong firm will own nearly 51 per cent of IVS capital and the shares will be restricted from trading for one year from the issuance date.

IVS is asking for shareholders’ approval for the deal. Feedback is being collected between May 20 and 29.

IVS has 34 million shares listed on the Ha Noi Stock Exchange with code IVS.

The company's shares dipped 4.1 per cent on Tuesday to end at VND9,400 per share. — VNS

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