Petrovietnam Insurance Corp. (PVI), Vietnam's third-largest insurer, plans to issue more than 35 million shares to boost finances before a domestic listing later this year, state media said on Tuesday.
PVI would sell 25,135,000 shares to existing investors and auction 10 million to outsiders in June, raising its registered capital by 70.3% to 851.35 billion dong ($52.9 million), the Vietnam Economic Times said.
Officials of the Hanoi-based company, which raised nearly $117 million by selling 23% of its shares at an IPO in January, were not immediately available for comment.
Shareholders are expected to decide issues for the company to complete its application to list on the Ho Chi Minh Stock Exchange in July and the listing was expected in the third quarter, the report quoted PVI officials as saying.
Last year, PVI had an 18.09% of Vietnam's non-life insurance market, making it the third biggest after state-run Bao Viet, which had a 34.94% hare and Bao Minh with 21.29%, industry reports said.
PVI said its audited net profit jumped 51.7% last year from 2005 to 44 billion dong following a 65.6-percent surge in insurance premiums to 1.16 trillion dong ($72 million).
Since the start of this year, PVI has been expanding from its core insurance business, investing in areas such as crude oil production, banking, stock broking and cement production.
PVI and Petrovietnam have become founding members of a company building several hydro-power plants in Laos.
PVI said its revenues soared 165% in the first four months of 2007 from a year earlier to more than 750 billion dong ($46.6 million).
Source: Reuters
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