PV Insurance, a subsidiary of state oil monopoly Petrovietnam, will raise at least 8.4 mio US$ from selling state shares at an initial public offering late this month.
PV Insurance would sell 11,729,900 state shares, a 23% stake, on Dec. 29 at an initial price of 11,500 dong ($0.72) each. The initial price suggested its value was $36 million.
The state will retain 35 million shares, or 70 percent of the firm, the Industry Ministry, which controls Petrovietnam, said in approving the partial privatisation. PV Insurance would also sell 3 million shares, or 6 percent of its shares to state-run Vietnam Marine Corporation, its strategic partner.
The firm offers non-life insurance and has financial investments.
Insurance premiums rose 18 percent in the first half of 2006 from a year earlier to 8 trillion VN Dong (498mio US$).
The Vietnam National Re-Insurance Corporation (VNR) and Bao Minh Insurance Corp (BMI) are listed on the Hanoi OTC market while a third firm, Baoviet Securities, run by top insurer Bao Viet, will make its debut in Hanoi on Dec. 18.
Petrovietnam has been partially privatising subsidiaries, in line with the government's drive to speed the restructuring of state-owned companies, to raise funds for its core oil and gas exploration and production businesses.
Source: Reuters
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