Monday, April 21, 2008

Thai broker Seamico eyes Vietnam, Cambodia in Q3


Thailand's Seamico Securities ZMIC.BK aimed to finalise plans later this year to expand into Vietnam and Cambodia, two of Asia's fastest-growing economies, the brokerage firm said on Monday.
The company also planned to sell up to 1 billion baht ($32 million) worth of debentures during June and July, Seamico Vice Chairman and Managing Director Pinit Puapan told reporters.
"We should have a clear picture of our overseas expansion in the third quarter," Pinit said without giving further details.
Seamico, ranked 7th among Thailand's 38 listed brokers, is focused on underwriting share and debt issues as well as advising companies on initial public offerings.
The Thai firm said last year it wanted to buy stakes in Vietnamese brokerage firms, but did not name any targets.
Vietnam's main stock index .VNI rose 23 percent last year after jumping 145 percent in 2006, powered by surge in foreign funds. The index has fallen 42.3 percent so far this year.
Seamico expected to receive a licence to enter Cambodia later this year, he said.
On Monday, Seamico shares closed down 1.8 percent to 3.22 baht while the overall index was 0.4 percent lower. ($1=31.50 Baht) (Reporting by Saranya Suksomkij; Writing by Ploy Chitsomboon; Editing by Darren Schuettler)
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