Hwang-DBS (Malaysia) Berhad announced that the Company intends to form a stockbroking company in Vietnam (Newco) with the proposed name of HwangDBS Securities Joint Stock Company.
The proposed paid up capital/charter capital of the Newco will be VND300,000,000,000 divided into 30,000,000 ordinary shares with face value of VND10,000 per share.
It is proposed that the Company will hold 49% of the equity interest in the Newco (being the maximum shareholding currently permitted to be held by a foreign party in Vietnam), Prudential Vietnam Assurance Private Limited (Prudential"), which is incorporated in Vietnam, will hold 40% for investment purposes only and the remaining 11% will be held by local Vietnamese individuals.
The Company and Prudential have entered into a memorandum of nderstanding which outlined the intention. Newco will be principally conducting stockbroking and advisory operations, underwriting, custodian services and such other securities related activities as may be permitted by the regulatory authorities of Vietnam.
