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Banking & Finance

Kim Long Securities to close doors

Released at: 16:33, 27/04/2016

Kim Long Securities to close doors

Shareholders agree to wind up operations.

by Hung Nguyen

The Kim Long Securities Corporation (KLS) has released a resolution from its shareholders meeting on the company ceasing its operations.

The reasons for doing so include ineffective operations in recent times, the pressure of the competitive environment presenting a greater risk to operations, strict regulations on finance companies affecting large, long-term investments, limitations on management by finance companies in invested companies, and the ineffective use of idle capital in the monetary market.

The decision was agreed to by 99.02 per cent of shareholders.

A leader from KLS was quoted as saying that the shareholders meeting heard that the falling oil price in 2015 saw the company incur losses and it therefore had to set huge provisions due to its investments in oil stocks.

KLS currently has significant holdings in GAS, PVD and PVS.

Shareholders will receive VND11,000 ($0.49) per share against the current trading price of VND9,800 ($0.43).

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