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View Full Version : Vincom Securities to list on Ha Noi exchange



phuocpham
28-12-2009, 10:23 AM
Vincom Securities, an affiliate of property trader Vincom, will list 30 million shares on the Ha Noi Stock Exchange on Monday, the brokerage firm announced yesterday.
The shares, face valuing at VND10,000 a piece, will be listed under VIX code, becoming the seventh securities stock on the northern market.
"The present time is suitable for our listing to satisfy shareholders’ desires, as well as to comply with the year’s plan," said the firm General Director Phan Anh Tuan, pointing to the currently brightened situation of domestic stock markets.
Shares were expected to be about VND30,000 to VND40,000 on the first listing day, in line with market condition and the firm’s potentiality, Tuan said, revealing the company’s successful investments in the parent corporation’s projects.
A charter capital of VND300 billion (US$16.2 million) allowed the company to conduct enough work in five areas of securities trading, contributing to steady the incomes for shareholders, Tuan said.
"We will work more with a selection of foreign strategic partners next year," he said, revealing that the firm would focus on financial institutes, preferably banks. Vincom Securities now has property trader Vincom as its biggest strategic partner, holding a 75 percent stake or 22.5 million shares in the brokerage firm.
Tuan estimated a total profit of VND40 billion this year. "This number is achievable," he confirmed.
After Vincom Securities, a series of brokerages, like SME Securities or Trang An Securities, are likely to list on the Ha Noi Stock Exchange next year, promising a blossom of securities stocks on the northern market.
"The selection of the Ha Noi market might be for the straightforward listing requirements of the market, if not for the charter capital requirements," said Nguyen Anh Dung, an independent analyst.
"In addition, the challenging 2008 had an adverse effect on the business performance of securities firms, and they have worked hard this year to remedy the situation, "Dung said.
"Profitability after one year on the Ha Noi market sounds better than two years in HCM City."
Meanwhile, Nguyen Duy Hung, Chairman of Saigon Securities Inc - a HCM City-listed company, told http://vneconomy.vn (http://vneconomy.vn/) that the selection to list in HNX aimed to avoid the interest of other securities firms.
Under the HCM City’s requirements, a company, who wants to list shares in HCM City market, must have a securities firm as a consultant. "Meanwhile, securities companies cannot allow other brokerage firms to check on them as this would be against client confidentiality," said Dung.