Insurer Bao Viet Corp can now sell around 60 million shares at a face value of VND10,000 (US$0.62) as part of the company’s equitisation plan.
The initial public offering is the equivalent to just over 8% of the company’s chartered capital, which totals VND6.8 trillion ($425 million).
The scheme was recently approved by the Ministry of Finance.
The State will remain the majority shareholder with 65% ownership of the company.
According to the plan, insurance companies or related enterprises in Viet Nam are not allowed to purchase these shares during the first issuance.
The chairwoman of the State Capital Investment Corp, Le Thi Bang Tam, said the limitation is quite reasonable because buying shares in another insurance company is not a good trend for the industry.
It could lead to under-the-table contracts, she said.
Under the equitisation plan, strategic domestic shareholders are allowed to purchase up to 49.1 million shares, while strategic foreign investors are capped at buying 18% of the issuance, which accounts for 122.4 million shares.
Domestic institutions can register to buy a maximum of 3.4 million shares.
Source: VNS
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