3:23:04 PM | 1/10/2008
An official from the Hanoi Securities Trading Center (HASTC) said HASTC will organize transactions for shares of publicly-owned but unlisted companies before the end of this year.
The move would help improve the liquidity and transparency of unlisted shares, reduce risks for investors and facilitate fund raising for the companies themselves, she said.
Vietnam has 1,500 public companies but only 300 of them are listed on the official stock exchanges currently.
Under the draft regulation, the price trading band of OTC shares once listed on HASTC will be 10 per cent, which may be changed by the State Securities Commission, depending on the market situation. Trading time will be between 10am and 11:30am and 1:30pm to 3pm.
Public companies register for trading at the center must publicize information on financial report, annual report, and information that may have impact on investor interest or securities prices.
Foreign investors will be allowed to hold a 40 per cent stake in an unlisted firm on the OTC market, less than the initially-planned 49 per cent. (Stock News)
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