PetroVietnam Insurance Company (PVI) sold of 11,729,900 shares in an auction or 23.5% of its entire chartered capital. The company offered an initial asking price of VND11,500 (0.72$).
More than 5,200 investors bought the shares. The shares were sold at an average price of VND160,250, 14 times higher than the initial offering price.
The subsidiary of Viet Nam Oil and Gas Corporation (PetroVietnam) has a chartered capital of VND500 billion (31mio US$) with the State holding 70%.
The company is one of the country’s leading insurers, and commanded a 13% market share last year.
PVI is expected to record an after-tax profit of VND47.9 billion (2.98mio US$) on a turnover of VND1.3 trillion (81mio US$) by the end of the year, nearly doubling last year’s figures. The company is also expected to pay out a 10.57 per cent dividends in 2007, 12.6% in 2008 and 12.9% in 2009.
Source: VNS
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