South Korean investor increases stake in Vietnam brokerage

By Dat Nguyen September 28, 2020 | 11:57 pm PT

An investor looks at stock prices on the screens at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran.

A South Korean asset management company has acquired a 65 percent stake in SJC Securities Corporation to increase its ownership to over 80 percent.

The Ho Chi Minh City-based brokerage recently announced that 11 individual shareholders had sold their 65 percent stake to Asam Asset Management Co. Ltd.

SJC, established in 2008, had accumulated losses of over VND21 billion ($907,000) as of June.

Last year its revenues were VND4.1 billion, up 24 percent from 2018.

Asam, which manages around $265 million in assets, established operations in Vietnam in 2018 with a focus on financial research and consultancy.

Last month South Korea’s Kwangju Bank fully acquired Morgan Stanley Gateway in Vietnam for VND382 billion and changed its name to JB Securities Vietnam.

There are now eight brokerages in Vietnam in which South Korean investors have a stake.