The Saigon Securities Inc (SSI) plans to restructure itself as a parent company to a group of enterprises offering various services to investors.
SSI will act as the umbrella organisation to companies providing services such as securities and fund management, investment banking and market research.
SSI managing director Nguyen Hong Nam said that SSI plans to join hands with a major international fund management company to establish its new fund management company, which is expected to open in May.
"We’re negotiating with a Japanese firm to set up a market research company," he said.
SSI shareholders have authorised the executive board to select an appropriate time this year to increase SSI capital to VND1.5 trillion (US$93 million) from VND500 billion.
The board will select one from two foreign institutions, currently in negotiations, to whom it will sell 10 per cent of SSI.
The company is now listed at the Ha Noi Securities Trading Center but is expected to move to the HCM City centre in May.
SSI is also in the process of selecting a consultant to assist in listing and raising capital overseas.
This year, SSI targets VND800 billion in net profits and a dividend of 30 per cent. In the first quarter the company has already netted VND465 billion in profits. Last year, it achieved a VND242 billion profit with a 25 per cent dividend.
Source: VNS
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