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Banking & Finance

SSI seeks to lift foreign ownership

Released at: 15:14, 14/07/2015

SSI seeks to lift foreign ownership

Shareholders asked to approve move to encourage foreign investors to purchase shares.

by Hung Nguyen

With Prime Ministerial Decree No. 60, allowing foreign investors to increase their stakes in publicly-listed companies, having taken effect the Board of Management of Saigon Securities Inc. (SSI) has announced it will organize an extraordinary meeting to seek approval from shareholders for foreign investors to buy more stakes in the organization.

Foreign investors already hold 43.83 per cent of SSI’s charter capital.

On July 10 SSI also announced that it was unsuccessful in its bid to purchase 10 million treasury stocks as their registered price of VND22,000 ($1.01) was lower than the market price, which has recently been around VND23,000 ($1.05) per share.

If shareholders agree to foreign investors buying more stocks SSI will become the first brokerage company to gain approval for such a move since Decree No. 60 was introduced.

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