SSI sets up realty arm in the US

In 2010, Saigon Securities Inc (SSI) increased its holding into SSI Vision Fund (SSIVF) to 37.94 percent and contributed 80 percent of capital into SSI Investment Fund.

According to the audited fiscal report announced by SSI, in 2010, it made a buy-back of 16 million fund certificates of SSIVF from Credit Suisse AG’s Singapore Branch.

Accordingly, the total volume of SSIVF fund certificates held by SSI increased to 64.5 million units, equaling to 37.94 percent stake of SSIVF.

SSIVF, which was established in 2007, is a member fund with a chartered capital of 1.7 trillion dong (equaling to 170 million fund certificates).

Other majority shareholders of the fund includes Sacom-SAM with the holding of 16.47 percent stake, together with Minh Phu -MPC (11.76 percent stake), Agifish-AGF (5.88 percent), PVI (5.88 percent) and Vietnam Export Import Commercial Joint Stock Bank (Eximbank-EIB) with 9.7 percent stake.

Also in 2010, SSI in collaboration with Nguyen Duy Hung Co Ltd set up the SSI Investment Fund with an initial chartered capital of 360 billion dong, of which, SSI contributed 80 percent stake.

This fund poured 100 percent of investment capital to establish SSI International Co (with the maximum investment capital of $18.5 million) specialising in real estate sector and office in the US.

According to the audited fiscal report, ending 2010, SSI gained 1.486 trillion dong of combined revenue, after tax profit of the holding company at 670.6 billion dong with the earnings per share (EPS) at 1,982 dong.

Tags: Vietnam business, Vietnam companies