Daiwa Securities Group Inc (TYO:8601) today posted a notice regarding an increase in its stake in Saigon Securities Inc, one of the largest securities firms in Vietnam.
As of April 27, 2016, Daiwa hiked its holding in Saigon Securities to 74,606,601 shares (no less than 15% of its outstanding shares).
Daiwa sealed a Capital and Business Alliance Agreement with Saigon Securities in 2008, and had maintained a 10% ownership in the brokerage. By increasing investment, Daiwa seeks to boost its business relationship with Saigon Securities, with the aim of benefiting from Vietnam’s economy, which is forecast to grow further in the medium-to-long-term.
Daiwa said it will also use this opportunity to make Saigon Securities an equity-method subsidiary.
You can view the official announcement from Daiwa Securities by clicking here.