[Vnbiz] Vietnam Brokerage SSI To Raise $500 Million From Overseas Markets

[Phan, Tai]

Vietnam Brokerage SSI To Raise $500 Million From Overseas Markets 



HANOI -(Dow Jones)- Vietnam's largest brokerage Saigon Securities Inc. plans to raise $500 million from overseas markets in the coming months for its first domestic fund, company Director Nguyen Duy Hung said Monday.

"SSI is seeking permission to set up its first closed investment fund, and we are expected to receive the license later this month," Hung told Dow Jones Newswires.

The fund will buy shares in domestic companies under a government program to privatize large state-owned firms, which will include the country's two largest beer companies and Vietcombank.

"We are preparing to have roadshows in Seoul of South Korea later this month and in New York next month," Hung said, adding that there are also plans for a London roadshow.

Hung said SSI's planned fund has received interest from Japanese investors, without elaborating.

"We plan to list the fund on the stock market of Singapore or London," Hung noted.

SSI, with an operating capital of VND2 trillion ($125 million), has a 25% market share of the country's brokerage services, Hung said.

Currently, foreigners hold less than 10% in the company.

SSI shares, which are listed on Hanoi's over-the-counter market, closed up 3.4% at VND224,900 Monday, with 281,900 shares changing hands. The broader OTC market index ended 0.1% higher. 

-By Nguyen Pham Muoi, Hanoi Bureau, Dow Jones Newswires; 844-825-0732; phammuoi.nguyen at dowjones.com

-Edited by Rosalyn Lim


  (END) Dow Jones Newswires
  05-07-070052ET