Japan 's Nikko Cordial Securities Inc became a strategic partner of PetroVietnam Securities Co on Feb. 24, by acquiring a 14.9 percent stake from a local brokerage.

The acquisition was worth about 133.7 billion VND (6.2 million USD), raising PetroVietnam Securities' charter capital from 509.3 billion VND (23.5 million USD) to 598.4 billion VND (27.2 million USD).

Via the acquisition, the first investment by Nikko Cordial in Vietnam and Southeast Asia , Nikko Cordial Securities will help PetroVietnam Securities improve corporate governance and develop investment banking. Staff training courses will also be organised.

Chairman of PetroVietnam Securities Bui Ngoc Thang said the partnership with Nikko would make the company more competitive in the securities services sector.

The relationship would provide an opportunity to promote the PetroVietnam trademark in the Japanese market, benefiting all PetroVietnam subsidiaries in their attempts to attract foreign capital, he added.

Hiroshi Kobayashi, chief executive officer of Nikko Cordial Securities, said that he was proud to be in Vietnam partnering a leading local petroleum company.

He pledged support for PetroVietnam Securities and said he hoped that it would become a market leader.

PetroVietnam Securities targeted a revenue of 352 billion VND (16.2 million USD) and a pre-tax profit of 102 billion VND (4.7 million USD) this year. It achieved a turnover of 258.7 billion VND (11.9 million USD) and a pre-tax profit of 85.7 billion VND in 2010./.