Japan's Daiwa Securities Corp to buy into SSI

Japanese brokerage Daiwa Securities Group Inc will become a strategic shareholder of the Saigon Securities Inc (SSI) by owning at least 10% of its shares.

Under a strategic cooperation agreement signed between the two sides on June 23, Daiwa committed to providing its Vietnamese partner with technical assistance, technology and personnel training, and to help diversify its products and get access to the Japanese stock market.

The Japanese brokerage will send a member to join SSI’s board of directors.

According to SSI, Daiwa will buy more than 11.68 million shares of SSI which are listed on the Ho Chi Minh City Stock Exchange, bringing the total number of SSI shares owned by Daiwa to 18 million, equivalent to 13.17% of the Vietnamese brokerage’s charter capital.

Apart from Daiwa, ANZ has also become a foreign strategic partner of SSI, holding 17.08 million shares or 12.5% of SSI’s charter capital.