CIMB Investment to take 40% stake in Vietnam securities firm

21-12-2007: CIMB Investment to take 40% stake in Vietnam securities firm

Email us your feedback at fd@bizedge.com


KUALA LUMPUR: CIMB Investment Bank Bhd has entered into a collaboration agreement with Vietnam Shipbuilding Finance Company (VCF) to jointly set up a securiities firm in Vietnam.

In a statement on Dec 21, CIMB Investment said it would provide guidance and assist in setting up the securities company. It said VCF had recently received the in-principle approval from the Vietnam State Securities Commission for the establishment of the company.

"Upon receipt of the formal licence and the execution of a shareholders agreement, CIMB Investment will take a 40% stake in the securities company. The company is expected to commence operations in mid-2008," it said.

VFC is wholly owned by Vietnam Shipbuilding Industry group, a state-owned conglomerate.

Source: http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_fc231fe0-cb73c03a-80105900-e8190fdb