SSI Chairman Dismisses Bubble Fears, Predicts Market Growth
SSI Securities Corporation (HoSE: SSI) chairman Nguyen Duy Hung has expressed confidence in the Vietnamese stock market, dismissing bubble fears. He anticipates swift implementation of the capital-raising plan, following shareholder approval.
SSI reported a robust 12.1% year-on-year increase in consolidated pre-tax profit in the first half, meeting 54% of its annual target. If market conditions remain favorable, SSI could surpass its year-end goal by 15-20%.
The corporation has successfully raised capital, receiving over VND3,256.5 billion ($123.36 million) from professional securities investors through a private placement. Daiwa Securities, a key investor, increased its stake during this process. Upon completion, SSI's charter capital will reach VND24,963.5 billion ($945.66 million).
SSI's Extraordinary General Meeting (EGM) seeks shareholder approval for a plan to issue additional shares to existing shareholders at a 5:1 ratio. The offering price is set at VND15,000 ($0.57) per share, expected to raise VND6,234 billion ($236.15 million).
SSI's chairman Hung believes it's challenging to predict the exact growth rate of the Vietnamese stock market. Despite this, SSI's strong financial performance and successful capital-raising efforts indicate a positive outlook for the corporation and the market.
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