Japan-based Arts Securities and VIP LLC are eyeing a possible strategic investment in VietinBank Securities Co.

In talks on August 11, representatives of the three companies discussed legal procedures and regulations governing an acquisition of shares in VietinBank Securities by Japanese investors. They reportedly reached an initial agreement on the deal and will continue discussions to finalise the details.

VietinBank Securities currently had 11 million shares available for sale to strategic partners, representing a value of 110.66 billion VND (6.2 million USD) or about 12.3 percent of the company’s charter capital.

In addition to a strategic partnership, the three firms also explored the possible establishment of a fund management company to serve Japanese investments in Vietnam .

VietinBank Securities general director Phan Quoc Huynh said the Japanese firms would collaborate with the local brokerage to attract additional Japanese investors to the local market and support VieitinBank Securities in opening a representative office in Japan . VietinBank Securities earned 124.9 billion VND (7.01 million USD) and posted a net profit of 51.2 billion VND (2.8 million USD) in the first seven months of this year.

It has a total of 78.9 million outstanding shares listed on the Hanoi Stock Exchange, coded CTS. CTS shares on August 12 rose 0.65 percent to 30,900 VND each./.