Everest Securities starts trading 60 million shares on UpCOM

Today is Everest Securities' first day on UpCOM

Established in December 2016, Everest Securities was formerly named Ocean Securities JSC and has a charter capital of VND50 billion. During the past 11 years, the firm built a strong position in the securities sector.

On March 27, 2018, Ocean Securities was renamed to Everest Securities JSC, which is a milestone of the restructuring process as well as its business strategy reform.

As of June 30, 2018, Everest Securities had the charter capital of VND600 billion ($26.54 million) and the total equity of VND729 billion ($32.2 million). It currently operates in numerous sectors, namely brokerage, investment consultancy, and financial consultancy for enterprises.

According to its financial statement for the first half of this year, as of June 30, Everest Securities reported increases in both revenue and profit. Notably, the firm acquired VND82.31 billion ($3.64 million) in revenue and VND20.84 billion ($895,186) in pre-tax profit, signifying increase of 143 per cent in revenue and 881 per cent in pre-tax profit.

The firms set the target to earn VND166 billion ($7.34 million) in revenue and VND60 billion ($2.65 million) in pre-tax profit for the whole year of 2018. Accordingly, Everest Securities will focus on developing the segments of service supply, brokerage, as well as securities investment consultancy and other financial consultants.

Besides, through the support of both foreign and local shareholders, the firm will improve the quality of services and diversify services in order to meet customer demand.

According to Vu Hong Son, chairman of the Board of Directors cum general director of Everest Securities, to date, numerous investors from South Korea, Hong Kong, and Malaysia expressed interest in becoming strategic partners of the firm via buying a controlling stake.

According to the plan, the firm, through the approval from shareholders, will use the after-tax profit after being distributing VND68.99 billion ($3.05 million) to expand its network in Hanoi, Ho Chi Minh City, and other key cities and provinces. In July this year, the board of directors issued a decision to establish an additional branch in District 1, Ho Chi Minh City.

This year, the firm expects to recruit 50-100 senior managers as well as other senior positions and issue numerous incentives to lure skilled human resources.

In order to improve its financial potential, Everest Securities approved the plan to increase the charter capital to VND1 trillion ($44.2 million) via issuing 40 million shares, which is expected to be completed in the fourth quarter of this year.