Bao Minh Insurance Corp (BMI) plans to auction 32.1 million new shares to raise funds, a company official said Thursday.
Pham Tan Hung of the investment department told Dow Jones Newswire that Bao Minh’s registered capital would go up to VND755 billion from the current VND434 billion.
The company, listed on the HaSTC, is awaiting approval from the State Securities Commission for the issue.
It hoped to sell 12,570,000 shares to foreign investors, Hung said.
Bao Minh has appointed two advisors – Rothschild & Son and Horizon Capital Advisers – to find international subscribers.
The company targets total revenues of $100 million this year, up 9.5% from last year, and a net profit of $6.9 million, up 10%.
Bao Minh shares closed at VND158,200 with 13,500 shares changing hands Friday.
Source: Thanh Nien
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