Saigon Securities Inc, (SSI, Hanoi Stock Exchange) Vietnam’s biggest brokerage house, is set to sell 10% of its stake to a foreign investor and triple its chartered capital to VND1.5 trillion this year.
A spokesman for the market-listed brokerage said the firm was in negotiations to sell the stake to a strategic partner at US$90 million.
But it is not known if the 10% will be in the expanded capital or existing capital.
According to another source, interested parties include Goldman Sachs, JP Morgan Stanley, and UBS.
SSI plans to issue fresh shares and convertible bonds this year, with a detailed plan to be presented to shareholders in September.
It is also mulling listing in Ho Chi Minh City and in foreign exchanges like Hong Kong and Singapore.
In other plans, SSI is seeking to become a holding company, spinning off independent offshoots specializing in securities and investment banking services.
In the first quarter, its after-tax profit was VND465 billion (US$29 million) on revenues of VND579 billion.
Source: Thanh Nien vietnam equity fund
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