SSI-lên sàn Singapore

SSI-lên sàn Singapore

Muốn đầu tư lâu dài thì mua ngay SSI để chuẩn bị cho năm 2008

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Vietnam''s Top Brokerage
Intends to List in Singapore
By NGUYEN PHAM MUOI and JAMES HOOKWAY
September 10, 2007; Page C11

HANOI, Vietnam -- Vietnam''s top securities brokerage, Saigon Securities Inc., plans to list its shares on the Singapore stock market next year as it works to consolidate its leading position in the industry.

"There are several Vietnamese companies planning to list on stock markets overseas, but SSI wants to be the first to go, and already we have signed deals to prepare to float on the Singapore stock market," SSI''s chairman and chief executive, Nguyen Duy Hung, said in an interview.

He said it was likely the company would list in the island state in 2008. Analysts say other Vietnamese companies considering a foreign listing include dairy producer Vinamilk and information-technology outfit FPT.

Mr. Hung said he chose Singapore because the stock-market authorities of Vietnam and Singapore have signed cooperative agreements, which will help facilitate SSI''s listing there.

"Listing in Singapore will provide SSI with better access to raise funds for its domestic investment plans," he said.

Mr. Hung founded SSI in 2000 with capital of $400,000. Since then, it has grown rapidly, closely tracking the growth of the Vietnamese economy, which is the second-fastest-growing in Asia after China''s.

The country is also emerging as a magnet for foreign investors hoping to capitalize on its young population and growing expertise in producing consumer-electronics goods.

SSI, which is listed in Hanoi, has a market capitalization of $1 billion, and the company is regarded by analysts as a leading innovator in its field. It accounts for 25% of all transactions on both the Hanoi and Ho Chi Minh City trading floors.

SSI is scheduled to move its listing to the Ho Chi Minh stock exchange next month.

Mr. Hung said foreigners own about 20% of the company''s 80 million shares. Vietnam law caps foreign ownership in a local company at 49%.

Earnings from its investment operations, brokerage and financial-advisory services are the three key sources of revenue for SSI.

So far this year, SSI, which is 10%-owned by Australia & New Zealand Banking Group Ltd., has already made a net profit of 750 billion dong ($46.2 million), compared with 240 billion dong for all of 2006.

Currently, SSI is advising 20 big Vietnamese companies on issuing their shares, and plans to help dozens of other companies launch initial public offerings in the coming months.

SSI has also signed financial cooperation deals with Credit Suisse Group and Daiwa Securities.

Write to Nguyen Pham Muoi at phammuoi.nguyen@dowjones.com and James Hookway at james.hookway@awsj.com