07:10 (GMT +7) - Thursday 23/11/2017

Banking & Finance

VNDIRECT to list on HoSE

Released at: 20:18, 11/08/2017

VNDIRECT to list on HoSE

Photo: baodautu.vn

First day's trade expected to be August 18, with HNX listing cancelled from August 14.

by My Van

The VNDIRECT Securities Corporation (VNDIRECT) has been given approval to list 154.998 million shares on the Ho Chi Minh Stock Exchange (HoSE), with the stock code VND.

Its first trading day is expected to be on August 18. On August 9, the Hanoi Stock Exchange (HNX) approved it cancelling its listing on HNX from August 14.

The target of VNDIRECT in changing stock exchanges is to improve governance standards and access local and international investors, mobilizing capital to develop services in the future, a representative from VNDIRECT told VET.

It will issue its shares to investors in the fourth quarter of 2017, at a ratio of 3:1 to existing shareholders, and expects to issue 51 million more shares.

The company will also pay a cash dividend of 10 per cent.

In the first half of 2017, VNDIRECT saw sharp growth in its business results. As at the end of the second quarter, net revenue stood at VND695 billion ($30.5 million) and after-tax profit VND325.5 billion ($14.32 million), or 65 per cent and 83 per cent of the annual plan, respectively.

In brokerage, VNDIRECT remains in the Top 4 on HoSE and Top 3 on HNX.

Brokerage revenue increased 76 per cent to VND82 billion ($3.6 million) and revenue from margin lending was up 80 per cent from VND46 billion ($2.02 million) in the second quarter of 2016 to over VND83 billion ($3.65 million) in the second quarter of 2017.

With positive signs in Vietnam’s stock market this year and good business results, VND shares increased from VND13,000 ($0.57) to VND23,900 ($1.05) in the first half.

VNDIRECT was established in 2006 and is now one of the most trusted securities companies in Vietnam. Main business lines include stockbroking, securities custody, corporate finance advisory, proprietary trading, and portfolio management.

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