Petrovietnam Insurance Corp. (PVI), Vietnam's third-largest insurer, said on Thursday it aimed to raise 751.4 billion dong ($46.7 million) in a June share sale to invest in building oil tankers and shares in new companies.
PVI would sell 24,864,000 shares to existing investors in a 2-for-1 plan, issue 270,100 shares to employees and auction 10 million to the public at the over-the-counter Hanoi stock market on June 26, PVI chairman Le Van Hung said.
The Hanoi-based firm, which plans to seek a licence to list on the Ho Chi Minh Stock Exchange in the third quarter, set the starting prices for bids at the June auction at 50,000 dong ($3.1), Hung said in a statement.
The proceeds would be used in a project by Petrovietnam shipping arm PV Trans to build three Aframax crude oil tankers, buy stakes in two financial companies and a hydro-power plant construction firm in Laos and to boost PVI finances, Hung said.
He did not detail the value of each investment.
On Tuesday, state media said PVI would use some of the proceeds to raise its registered capital by 70.3% to 851.35 billion dong ($52.9 million).
PVI raised nearly $117 million in January by selling 23% of its shares in an IPO.
Last year, PVI had an 18.09% market share of Vietnam's non-life insurance market, making it the third biggest after state-run Bao Viet, which had a 34.94% share, 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).
PVI has been expanding from its core insurance business, investing in areas such as crude oil production, banking, stock broking and cement production.
Its revenues soared 165% in the first four months of this year from the same period of 2006 to more than 750 billion dong ($46.6 million), PVI said.
Source: Reuters
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