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SSC approves HASECO, AAS merger

Update: November, 25/2015 - 08:00

Representative of Hai Phong Securities Company receives licence for the newly-merged company. — Photo thoibaotaichinhvietnam.vn

HA NOI (VNS) — The State Securities Commission (SSC) has approved the merger between Hai Phong Securities Joint Stock Company (HASECO) and A Au Securities Company (AAS).

During the ceremony held on Monday, SSC Chairman Vu Bang granted a certificate of business registration for the newly-founded securities company.

This was the third merger between securities companies on Viet Nam's stock market.

The new company has been named Hai Phong Securities Joint Stock Company, and has a charter capital of VND291.8 billion (US$12.95 million).

It's head office will be based in the northern city of Hai Phong, and the company will operate in the fields of stock brokerage, financial advice and securities trading.

Chairman of the HASECO Board Vu Duong Hien said the company had worked with the HCM City Stock Exchange (HoSE), the Ha Noi Stock Exchange (HNX) and the Viet Nam Securities Depository Centre to ensure customers' rights and interests during the merger process.

SSC Deputy Chairman Pham Hong Son said the merger process had required efforts from leaders and shareholders of the two companies.

Son said the restructuring of the stock market had been approved by the Prime Minister three years ago, which included restructuring securities companies.

During the restructuring, local securities companies would increase their profitability, enhance risk management capacity and improve the quality of customer services, Son added.

Son said the SSC had eliminated weak securities companies through acquisitions, mergers or dissolution to improve the management and supervision of the stock market. — VNS

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