A shareholder meeting of the Vietnam Investment Securities Company. (Source: cafef.vn) Hanoi (VNA) - Vietnam Investment Securities Company (IVS) will merge with Japan Securities Incorporated (JSI) to boost the number of customers, financial capability and expand the operation to Japan.
After the merger, the capital of IVS will increase to 372 billion VND (16.53 million USD), IVS said in its statement at the annual shareholder meeting held on March 25.
The merger will make JSI a department at IVS, and it will focus on the Japanese market only.
Current shareholders of JSI will commit not to withdraw from it in the next three years after the merger is approved by the State Securities Commission.
However, the company did not clarify in its statement when the merger would take place.
The merger was also approved by the shareholders of JSI at the firm’s annual shareholder meeting held on March 14.
Vietnamese shareholders hold 48.87 percent of JSI’s capital now, including Viglacera Investment and Import-Export JSC (10 percent).
Japanese shareholders hold the rest of the company’s capital, including the Hong Kong-based Tanamark Investment Ltd (20 percent), Aizawa Securities Co Ltd (14.5 percent) and Japan Asia Securities Co Ltd (14.5 percent).
In 2016, IVS earned total revenue of 26 billion VND and a post-tax profit of 97.4 million VND. The figures were 95 percent and only 5 percent of last year’s targeted earnings. IVS will not pay dividend for last year’s performance.
In the third quarter of 2016, IVS issued 17.9 million shares to increase its chartered capital from 161 billion VND to 340 billion VND.
For 2017, IVS has forecast Vietnam’s economic growth at 6.5 percent to 6.7 percent and inflation rate at 4 percent to 5 percent, allowing the Government to keep the lending rates low and support the growth of the securities market.
According to the company, the Vietnamese economy will reach its short-term peak in three years.-VNA
After the merger, the capital of IVS will increase to 372 billion VND (16.53 million USD), IVS said in its statement at the annual shareholder meeting held on March 25.
The merger will make JSI a department at IVS, and it will focus on the Japanese market only.
Current shareholders of JSI will commit not to withdraw from it in the next three years after the merger is approved by the State Securities Commission.
However, the company did not clarify in its statement when the merger would take place.
The merger was also approved by the shareholders of JSI at the firm’s annual shareholder meeting held on March 14.
Vietnamese shareholders hold 48.87 percent of JSI’s capital now, including Viglacera Investment and Import-Export JSC (10 percent).
Japanese shareholders hold the rest of the company’s capital, including the Hong Kong-based Tanamark Investment Ltd (20 percent), Aizawa Securities Co Ltd (14.5 percent) and Japan Asia Securities Co Ltd (14.5 percent).
In 2016, IVS earned total revenue of 26 billion VND and a post-tax profit of 97.4 million VND. The figures were 95 percent and only 5 percent of last year’s targeted earnings. IVS will not pay dividend for last year’s performance.
In the third quarter of 2016, IVS issued 17.9 million shares to increase its chartered capital from 161 billion VND to 340 billion VND.
For 2017, IVS has forecast Vietnam’s economic growth at 6.5 percent to 6.7 percent and inflation rate at 4 percent to 5 percent, allowing the Government to keep the lending rates low and support the growth of the securities market.
According to the company, the Vietnamese economy will reach its short-term peak in three years.-VNA
VNA
