Petrovietnam Insurance Corp. (PVI), Vietnam's third-largest insurer, said on Wednesday it raised nearly $47 million from an auction of 10 million shares.
Investors paid an average 75,499 dong ($4.7) for shares offered at a starting price of 50,000 dong at the auction on June 26, the company said in a statement issued by the Hanoi stock exchange.
Foreign investors bought more than 1.9 million shares in the auction.
The sale was part of PVI's plan to issue more than 35 million shares to boost its registered capital to $52.9 million before a domestic listing later this year.
PVI has sold 25,135,000 shares to existing shareholders.
The Hanoi-based company raised nearly $117 million by selling 23 percent of its shares in an initial public offering in January.
Last year, PVI had an 18.09 percent share of Vietnam's non-life insurance market, making it the third biggest after state-run Bao Viet, which had a 34.94 percent share, and Bao Minh with 21.29 percent, industry reports said.
PVI said its audited net profit jumped 51.7 percent 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 percent 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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