SSI to expand into derivatives
Shareholders of Saigon Securities Inc on April 25 approved the company’s expansion into derivatives trading, which has yet to begin in Vietnam, however.
SSI's new business will cover derivative securities brokerage, proprietary trading, consultancy as well as clearing and settlement service. (Photo cafef.vn)HCM City (VNA) - Shareholders of Saigon Securities Inc on April 25 approved the company’s expansion into derivatives trading, which has yet to begin in Vietnam, however.
A circular issued by the Ministry of Finance in January stipulates that a securities company must obtain approval from its shareholders to begin derivative trading.
SSI derivative trading will cover broking, proprietary trading, consultancy and clearance and settlement services.
The company will also issue covered warrants once legal regulations are in place.
The shareholders’ meeting where approval for derivatives trading was obtained also agreed on a revenue target of 1.43 trillion VND (64 million USD) this year and pre-tax profit of 950 billion VND.
Last year they were respectively 1.33 trillion VND and 1.06 trillion VND.
The company had the highest market share on both the HCM City and Hanoi exchanges with a combined 12.13 percent.
Company Chairman Nguyen Duy Hung highlighted the success of its investment banking services, with its clients including property developer Novaland, which raised 1 trillion VND in the stock market, Digiworld (250 billion VND) and Quang Ngai Sugar Company, which sold almost 300 billion VND worth of stakes to foreign investors.
Its investment banking services fetched revenues of 57 billion VND, up 125 percent from 2014.
Its SSI Asset Management Company was the first domestic fund to raise money from European institutional investors, using the undisclosed sum to establish the Andbank Investment SIF – Vietnam Value and Income Portfolio.
It also raised 32 million USD in cooperation with Japanese partner Daiwa Securities Company for the DAIWA-SSIAM Vietnam Growth Fund II LP, which focuses on private companies operating in the agriculture, aquaculture and consumer goods sectors.-VNA
You should also see
Hmong ethnic people preserving traditional blacksmithing
Long Hay, in Muong Phang, Dien Bien Phu city, Dien Bien province, is a village inhabited by Hmong ethnic people. Some local families have continued the traditional craft of forging agricultural tools.
See more
Business
Vietnam Online Business Forum tackles sustainability in e-commerce
The Vietnam Online Business Forum 2024, themed “Sustainable E-Commerce”, kicked off in Hanoi on April 25.
Business
Vietnam-Singapore trade on the rise since start of 2024
Trade between Vietnam and Singapore topped 2.54 billion SGD (1.87 billion USD) in March, rising 4.29% year on year, according to the Trade Office of Vietnam in the city state.
Business
Petrol prices decrease slightly on April 25
The retail prices of petrol were adjusted down from 3pm on April 25 by the Ministry of Industry and Trade and the Ministry of Finance.
Business
Vietnamese canned sugarcane juice favoured in US
The first cases of Vietnamese canned sugarcane juice have hit supermarket shelves in Miami, the US state of Florida.
Business
Labels on foods exported to Singapore must be accurate: Trade counselor
Counsellor Cao Xuan Thang, head of the Vietnam Trade Office in Singapore, has advised Vietnamese exporters to pay attention to labeling pre-packaged food products to ensure their credibility and image of businesses when exporting to the Singaporean market.
