Bao Viet, Vietnam's biggest insurer, told the Hanoi stock market on Thursday it expected to raise $72 million by selling more than 15.6 million shares later this month.
Only investors in Bao Viet's initial public offering in late May were qualified to buy the 15,656,286 shares on offer and could register between July 16 and July 18, Bao Viet said in a statement released by the Hanoi market.
They could then buy shares through negotiations on July 23 at the Hanoi market, it said.
The shares on offer were left over from the May 31 IPO by bidders who refused to complete their purchases, the exchange said in a statement without elaboration.
Hanoi-based Bao Viet, or Vietnam Insurance Corporation which raised $272 million by selling 59.44 million shares, an 8.74 percent stake, in its IPO, said the minimum price for the new shares would be 74,000 dong ($4.6).
Bao Viet also forecast its 2007 net profit would jump almost two-thirds to 524 billion dong ($32.5 million) as it expanded into banking and real estate.
Bao Viet is the leader in Vietnam's non-life insurance market with an almost 35 percent share and ranks second in life insurance with 36.5 percent, behind Prudential's 41.6 percent share.
Bao Viet Chairman Le Quang Binh has said Bao Viet would list in Vietnam by 2009 and consider listing on an unspecified market overseas.
Source: Reuters
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