Vietnamese information technology services firm FPT has received a licence to run a fund management subsidiary as part of its plans to diversify into financial services.
The State Securities Commission issued the licence on July 25 for Hanoi-based FPT Fund Management Co. to operate with a registered capital of $6.8 million, the commission said in a statement seen on Thursday.
The company's business areas include managing securities funds and investing directly in securities, it said.
After a July 13 licence to offer stockbroking service, fund management allows FPT, Vietnam's second-largest listed firm valued at $1.44 billion, to operate outside its core businesses of software production, mobile phone sales and Internet services.
Eager to get a slice of Vietnam's quickly expanding financial services market, FPT has teamed up with state-run MobiFone and the State Capital Investment Corp. (SCIC) in seeking central bank permission to form a bank.
But brokers said investors may stay away from FPT shares for a while to see how the company deals with its new business areas.
Shares in FPT fell 4.49 percent to close at 255,000 dong ($15.8) on Wednesday as the VN Index ended 1 percent down at 972.56 points. The index is still 29.3 percent higher than at the end of last year.
Source: Reuters
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