Vietnam's top information technology services firm FPT Corp. has received the regulator’s nod to set up a securities brokerage as part of its drive to diversify into financial services. The State Securities Commission issued a license last week for the establishment of FPT Securities with a chartered capital of VND200 billion (US$12 million).
The brokerage will open in mid-August, offering stock brokerage, underwriting, and financial and investment consulting and stock depository.
The Ho Chi Minh City-listed FTP has been seeking to diversify away from its core businesses of software production, mobile phone distribution, and Internet services in an effort to get a slice of Vietnam's rapidly-growing financial services market.
The tech group has already won the license to FPT Fund Management Co, which is expected to be launched in the near future and it is also seeking central bank permission to open a commercial bank.
It is set to list on foreign stock exchanges next year with a particular interest in Singapore market to tap international capital sources.
Texas Pacific Group, a private-equity fund, and Intel Capital, a unit of chipmaker Intel hold a 10 percent stake worth $36.5 million in FPT.
Shares in FPT stayed unchanged at VND290,000 Tuesday, valuing the Hanoi-based company at VND135 billion.
Source: Thanh Nien
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