Daiwa Securities to increase stake in SSI
Japan-based Daiwa Securities Group will be investing approximately 20 billion yen ($177 million) in Vietnam’s Saigon Securities Inc. (SSI), in a bid to expand its operations in the Southeast Asian region, according to Nikkei Asian Review.
Daiwa will be taking advantage of the recent signed Trans-Pacific Partnership trade pact and the removal of foreign ownership limit in the securities sector in Vietnam, to boost its 10 per cent stakes (48,106,610 shares) in SSI to 15,54 per cent (74,606,601 shares).
When the deal goes through, Vietnam's largest securities firm will become an equity-method subsidiary, giving Daiwa a greater say in management. The two companies entered into a capital and business tie-up back in 2007.
The transaction is estimated to take place between February 25 and March 25, via put-through or order-matching method.
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