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Market for unlisted firms set to open in Hanoi   2009-05-05 - TN

A new trading floor for unlisted public companies will open in June, the Hanoi Securities Trading Center has said.
Trading on the UPCoM market will be from 10 a.m. to 3 p.m., with a two-hour break from 11:30 a.m.

Settlement will be T+3 while approval to list will be granted within five days.

“The new market is part of government efforts to help regulate the trade of shares of unlisted companies,” Dow Jones Newswires quoted an unidentified senior official at the State Securities Commission as saying.

The government has said it will increase the limit on foreign ownership in unlisted joint-stock companies to 49 percent from the current 30 percent, starting June 1.

In banks, however, the cap will remain 30 percent.

Almost 2,000 public companies are traded on the unregulated over-the-counter market, Vu Bang, chairman of the State Securities Commission told Bloomberg last month

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