HCM CITY — The Gia Quyen Securities Company (EPS) announced yesterday that Korea Investment and Securities Company (KIS) had become its strategic shareholder.
EPS vice chairman Nguyen Huu Nam said the Korean firm had completed all procedures to hold a 49 per cent stake in his company. The value of the deal, however, was not disclosed.
EPS will change its name to KIS.
KIS's investment will help, among other things, EPS to increase its chartered capital to VND263 billion (US$12.5 million) from the current VND135 billion ($6.4 million).
KIS, as a leading investment and securities company in Korea, will transfer management experience and technology to better serve customers, according to Ryu Sang Ho, president and CEO of KIS.
KIS will also train EPS staff who work in the areas of brokerage, investment consulting, and financial analysis.
In addition, it will offer assistance in upgrading trading systems, developing new products, and finding new customers.
KIS established its HCM City representative office in 2007, aiming to participate in Viet Nam's financial market by providing financial consultancy services to companies in Viet Nam and South Korea.
It manages three funds, which have invested around US$900 million in Viet Nam.
This Seoul-headquartered company runs 117 branches in its homeland, apart from those in New York, London, Hong Kong and Singapore, and another representative office in Japan.
EPS was set up in 2007 by Vietnam Textile and Garment Corp, and a group of individual financial investors. Its headquarters is in HCM City, with a branch in Ha Noi.Source: vnagency.com.vn
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