Vietnam National Insurance Corporation (Bao Viet) plans to sell 59.44 million shares, or 8.74 per cent of its stake, at the initial price of VND30,500 each, in the initial public offering (IPO) to be held late this month, state media reported on May 11.
The IPO, slated for May 31 at Hanoi Securities Trading Center, instead of May 17 as previously planned, is expected to bring the firm at least VND1.8 trillion, or US$113.3 million.
Bao Viet has selected 13 securities companies as share sale agents, including Bao Viet Securities, Vietcombank Securities, Incombank Securities, VIBank Securities, Trang An Securities, APEC Securities, Kim Long Securities, National Securities, Seabank Securities, Tan Viet Securities, Vietnam Securities, and Haiphong Securities companies.
Investors can subscribe for the share auction by May 29.
At the IPO, foreigners will be allowed to buy at most 13.6 million shares, or a 2 per cent stake.
Each domestic institution is allowed to buy a maximum of 3.4 million shares, or 0.5 per cent of registered capital, and each individual 340,000 shares, or 0.05 per cent of capital.
Insurance institutions are not allowed to buy shares.
Under the equitization plan, ratified by the Ministry of Finance, Bao Viet will be transformed into a joint stock concern and renamed Bao Viet Group.
The group will have VND6.8 trillion registered capital, equivalent to 680 million shares, of which the State holds 65.34 per cent stake, employees 0.7 per cent, domestic strategic investors 7.22 per cent, and foreign strategic partners 18 per cent.
The group is now the biggest insurer in Vietnam, providing insurance, re-insurance, financial investment and other financial services. (Vietnam Economic Times, VSE, Vietnam Panorama)
Vietnamese
