Vietnam, 17 October 2013 – Maybank Kim Eng Holdings announced today that it has obtained the approval of the State Securities Commission (“SSC”) to convert Maybank Kim Eng Vietnam into a single-member limited liability company, thereby making it the first securities company in Vietnam that will be 100% foreign owned.
Currently, Maybank Kim Eng Holdings owns about 48.55% of Maybank Kim Eng Vietnam. Upon the approval granted by the SSC on 7 October 2013, Maybank Kim Eng Holdings will proceed to complete the transfer of the remaining 51.45% equity stake or a corresponding 15,435,000 shares held by four existing local shareholders and it shall then hold 100% equity stake in Maybank Kim Eng Vietnam. Maybank Kim Eng Vietnam is a wholly owned subsidiary of Maybank, the biggest bank in Malaysia and also the 13th strongest in the world as ranked by Bloomberg Markets magazine.
Mr John Chong, Acting Head of Maybank Kim Eng Group said: "We are honoured to be the first securities company in Vietnam that is 100% foreign owned. This is an important step towards achieving our vision of becoming a regional financial powerhouse. Vietnam is a very important market for us and we are strongly committed to the long-term development of our business operations here. The country's favourable demographics, rich natural resources, and strategic location in Asia, among other things, all point towards the inevitable longer term success of the country.”
Maybank Kim Eng started its operations in Vietnam since 2008. It offers a full range of financial services including brokerage, internet trading and research, investment banking and corporate finance advisory services. Today, it is ranked among the top 10 brokerages in the country.
As a further demonstration of its long-term commitment in Vietnam, Maybank Kim Eng Vietnam has been working together with the country authorities on various fronts to support the development of the Vietnamese securities market. It has recently signed a three-year Cooperation and Technical Support Framework Agreement with the SSC on 28 August 2013 to collaborate on joint initiatives that will contribute to the sustainable and long-term growth of Vietnam’s securities market.
More recently on 30 September 2013, it hosted a group of more than 30 investors from Thailand to help them better understand Vietnam’s securities market and the emerging opportunities in the country. The investors also visited several large enterprises in Vietnam including Vinamilk, Petrovietnam Fertilizer and Chemical Corporation (DPM), Petrovietnam Drilling and Well services Corporation (PVD) and Ba Ria - Vung Tau Housing Development Corporation (HDC), giving them the opportunity to network and exchange information.
“These initiatives are part of our ongoing efforts to support the growth and development of Vietnam’s securities market. We look forward to an even closer collaboration with the country authorities that will lead to increased market activity and in turn boost the overall vibrancy of the capital markets in Vietnam,” added Mr Le Minh Tam, Chairman of Maybank Kim Eng Vietnam.