South Korean brokerage Bridge Securities Co. Ltd. said on Monday it will buy a 20 percent stake in Vietnam's Hai Phong Securities Co. (HASECO, HPC) for $13 million.
"We signed a contract for the strategic investment on June 30 and will buy 4 million shares out of 15 million new shares to be issued by Hai Phong Securities Joint Stock Company," Bridge said in a filing with the Financial Supervisory Commission.
The share purchase will cost 12 billion won ($13.01 million), it added.
The Vietnamese securities firm said on June 19 that it aimed to raise up to 350 billion dong ($21.7 million) by selling new shares in July. It has a chartered capital of 50 billion dong.Bridge Securities, led by Chief Executive Ly Sang-jun, who has said he had a royal Vietnamese ancestor, has been setting its sights on Vietnam to strike deals related to the privatisation of state-owned companies.
Its parent firm, Golden Bridge Finance Group, planned to raise $300 million in project funds to invest in Vietnam this year, Ly told Reuters in an interview in March.
HASECO shares were quoted at 72,400 dong, down 7.9 percent.
Source: Reuters
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