A group of investment funds managed by Dragon Capital have purchased nearly 113,000 shares of SSI Securities Corporation (SSI), the largest brokerage house in Vietnam, to become the latter's major shareholder as of December 27, 2018, according to the Ho Chi Minh City Stock Exchange (HoSE).
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After SSI removed the foreign ownership limit, foreign investors, including Daiwa Securities Group, Deutsche Bank AG London, Norges Bank, now hold a combined nearly 60% in the company.
In addition to SSI, Dragon Capital is currently a major shareholder in Ho Chi Minh City Securities Corp (HSC) and Viet Capital Securities Company (VCSC), holding stakes of 30.27% and 8%, respectively.
SSI, HSC and VCSC are currently the three largest brokers in Vietnam, holding the brokerage market shares of 15.8%, 11.5% and 8.9% on the HoSE as of the third quarter of 2018, respectively.
In the first nine months of 2018, SSI recorded consolidated revenue of VND3.03 trillion (US$131.32 million), up 52% year-on-year and equivalent to 89% of the year’s plan. The company’s pre-tax profit reached VND1.35 trillion (US$58.51 million), up 38.4% year-on-year and meeting 84% of the year’s plan.
