ANZ to raise stake in Saigon Securities

Tuesday, April 1, 2008 11:41:59 Vietnam (GMT+07)
ANZ to raise stake in Saigon Securities
Australian and New Zealand Banking Group Ltd., will buy more shares in Saigon Securities Inc. (SSI), Vietnam’s top brokerage, to raise its stake to 12.5 percent, the stock exchange said Monday.
ANZ, which owns 10 percent of the Ho Chi Minh City-based brokerage, would buy 3,416,700 shares over the next two months starting on Tuesday, the Ho Chi Minh Stock Exchange said.
Last Friday, SSI chief operating officer said the company would have to revise down its profit forecast for 2008 due to weak stock market conditions.
Japanese brokerage Daiwa Securities Group has a 1.25 percent stake in SSI.
Vietnam caps foreign ownership at 49 percent of a listed company while the ceiling for a listed bank is 30 percent.