The Ministry of Finance has officially approved a plan to change Bao Viet, the nation’s biggest insurer, into a joint stock company. Under the plan, nearly 60 million shares, or 8.74% of chartered capital of Bao Viet, will be sold through auctions at a securities trading centre.
The Ministry of Finance has officially approved a plan to change Bao Viet, the nation’s biggest insurer, into a joint stock company.
Under the plan, nearly 60 million shares, or 8.74% of chartered capital of Bao Viet, will be sold through auctions at a securities trading centre.
The joint stock company, Bao Viet Group, will have the total chartered capital of VND6,800 billion. Bao Viet will issue 680 million shares (face value is VND10,000), of which the State will hold 444,300,000 shares, or 65.34% of the total chartered capital.
Bao Viet staff can buy 4.76 million shares at preferential prices (0.70% of total chartered capital). The 4,273 Bao Viet employees on the corporation’s pay-roll as of
Domestic strategic shareholders will hold 49.1 million shares, or 7.22% of total chartered capital, while foreign strategic investors will hold 122.4 million shares, or 18% of total chartered capital.
Only 59.44 million shares, or 8.74% of total chartered capital, will be sold to the public through auctions on the bourse. Foreign investors will be able to buy 13.6 million, or 2% of total chartered capital at maximum.
Domestic institutions can register to buy 3.4mil shares at maximum, or 0.5% of total chartered capital, while domestic individual investors can buy 340,000 shares, or 0.05% of chartered capital.
Insurance companies operating in
(Source: Vneconomy)
