Media company Yeah1 Group (YEG) said it has received approval from the State Securities Commission to raise its foreign ownership limit to 100 per cent. YEG said since listing on the HCM Stock Exchange (HOSE) last June it has been attracting the attention of investors from around the world.
But the foreign ownership cap of 49 per cent was reached within days of listing.
This has made it difficult for it to approach interested overseas investors, making the stock relatively illiquid, the company said.
Nguyen Anh Nhuong Tong, president of YEG, said: “The company now has foreign ownership limit of 100 per cent. This means Yeah1 is ready to be operated and invested to international standards. This will give us access to cutting-edge perspectives and resources from international investors, increasing our competitiveness in the regional and global markets in which we operate.”
YEG said in the next few years it would focus on developing its current business and expand into content and media commerce, both of which have great potential in Viet Nam.
It is also seeking partnerships with technology companies.
Founded in 2006, Yeah1 Group has become a top-ranked multi-channel network in Asia. It is now aggressively expanding its digital arm into the region and beyond.
It became Viet Nam’s first public media company.