KB Securities, a subsidiary of KB Financial Group, has signed a contract to acquire 100% stake of Maritime Securities Incorporation (MSI) with the value of approximately US$33 million.
The value of this transaction is VND756 billion (about US$33 million). The transaction is conducted by MSI and KB Securities to make the final steps and is expected to be completed in the next two weeks.
Recently, MSI announced that it would hold an unexpected shareholder meeting on September 29 to change the Board of Directors and Supervisory Board. MSI also received approval from the State Securities Committee on the sale of up to 100% shares to foreign investors.
By mid-2017, MSI has total assets of VND672 billion (nearly US$30 million). Notably, MSI is holding Maritime bank's shares that valued nearly VND100 billion (US$4,4 million).
After the acquisition of MSI, the Korean Corporation will transfer the shares of Maritime Bank to its domestic partner, which will make this acquisition have more reasonable valuation. The amount of KB Securities spending will be lower than the figure of VND756 billion (about US$33 million). In fact, MSI company has equity of nearly VND500 billion (US$22 million).
According to the MSI's latest financial statement, this company earned a net profit of VND22 billion (US$968,000) in 2016 and continued to record a net profit of VND12 billion (US$528,000) in the first half of this year.
In the stock brokerage sector, MSI holds about 3.5% market shares in HNX (Hanoi Stock Exchange) and 1.7% market share in HOSE (Ho Chi Minh City Stock Exchange) in 2016.
In early 2017, the company registered to list shares on HNX but then it withdrew intention and negotiated the sale of shares to investors. Finally, the Korean Financial Group decided to buy MSI's stake.
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