Ho Chi Minh City Securities Corporation (HOSE: SSI) has just announced a resolution to implement an employee stock ownership plan (ESOP) share issuance scheme, as approved at the 2024 Annual General Meeting of Shareholders.
According to the resolution, SSI will issue a maximum of 10 million shares at VND 10,000 per share. The issuance will be offered to members of the Board of Directors and key personnel of the company and its subsidiaries.
The issuance is scheduled for the second to fourth quarters of 2025, and the issued shares will be subject to a 2-3 year lock-up period.
SSI also disclosed a list of 307 individuals and their respective ESOP allocations for this round. Chairman Nguyen Duy Hung tops the list with an allocation of 1 million shares, followed by Mr. Nguyen Hong Nam, Member of the Board of Directors and CEO of SSI, with an allocation of 650,000 shares.
Chairman of SSI, Nguyen Duy Hung, at the 2025 Annual General Meeting held on April 18
At the 2025 Annual General Meeting held on April 18, SSI shareholders approved the continuation of share offering and issuance plans from 2024.
The 2024 Annual General Meeting had approved private placements, share offerings to existing shareholders, and ESOP share issuances.
SSI stated that it had completed the share offering to existing shareholders in November 2024, increasing its chartered capital to over VND 19,638.6 billion. The company is currently implementing the ESOP share issuance scheme and has not yet carried out the private placement.
SSI plans to conduct the private placement in 2025-2026, aiming to raise its chartered capital to over VND 20,779 billion.
Proceeds from the offering will be used to supplement capital for margin lending, underwriting, investing in certificates of deposit, and other securities.
SSI also proposed to the General Meeting a plan to issue a maximum of 10 million ESOP shares in 2025-2026. The issuance will be offered to members of the Board of Directors and key personnel of SSI and its subsidiaries, with a 2-3 year lock-up period.
SSI recently published its first-quarter 2025 financial statements, reporting operating revenue of VND 2,106.3 billion, a 10% increase compared to the same period last year.
Within the revenue structure, SSI’s FVTPL asset gains reached nearly VND 1,039 billion, a 15% increase year-on-year. Interest income from loans and receivables also increased by over 40%, reaching nearly VND 628 billion.
On the other hand, securities brokerage revenue decreased by 30% to VND 312 billion, and income from held-to-maturity (HTM) investments decreased by 20% to VND 85 billion.
Operating expenses for the period increased by 3%, totaling VND 596 billion, mainly due to losses on FVTPL assets. As a result, SSI reported a pre-tax profit of VND 1,017 billion and a net profit of VND 819 billion, representing a 13% increase compared to the first quarter of 2024.
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