Vietnamese insurer Bao Minh Insurance Corp. (BMI @ HaSTC)said Wednesday it expected a 9.5% rise in revenues this year to VND1.59 trillion ($98.6 million).
The company, one of the country's two listed insurers, also expected its net profit to rise 10% to VND110 billion ($6.8 million) this year from 2006, Bao Minh president Tran Vinh Duc said in a statement.
The firm would issue 32.1 million new shares to raise its chartered capital to VND755 billion ($47 million) later this year from VND434 billion ($27 million) now, Duc said.
He said 12.57 million of the new shares would be sold to unspecified strategic foreign investors at a price to be negotiated.
On Wednesday, shares in Bao Minh jumped 9.94% to close at VND165,900 ($10.3) on the over-the-counter Hanoi Securities Trading Center.
The Hanoi exchange said on Tuesday that Bao Viet, the country's top insurance firm, would sell 8.74% of its shares in its initial public offering on May 17.
Source: Thanh Nien
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