Brokerage the first to gain approval from SSC to remove foreign ownership limit under Decree 60.
Saigon Securities Inc. (SSI) has announced it will completely remove its foreign ownership limit.
The company sent a proposal on the matter to the State Securities Commission (SSC) and received approval on August 27, making it the first brokerage company to gain approval for such a move since Decree No. 60 was announced, which allows companies to determine their own foreign ownership limits.
The removal of the limit will take effect from September 1, the same day as Circular No. 60 takes effect.
SSI previously held an extraordinary shareholders meeting, where it sought and gained the go-ahead to seek permission to remove the limit.
Foreign investors already hold 43.83 per cent of SSI’s charter capital.