The Bao Minh Insurance Joint Stock Company on September 4 signed an agreement with Federal Insurance Company (Labuan), a wholly owned subsidiary of US-based insurance giant – Chubb Corporation, to offer speciality liability insurance inside Viet Nam.
Under the agreement, Bao Minh, one of the country’s major insurance players will provide speciality liability insurance products for securities companies and management liability insurance products for companies listed at local bourses.
For its part, Chubb Corporation will offer technical training and cooperate in the area of reinsurance to help Bao Minh introduce the products to the market.
The two partners will also hook up to update local businesses on advanced business management skills to successfully operate within the World Trade Organisation (WTO).
The partnership will help Bao Minh diversify its liability insurance products and prevent businesses from management and financial risks, according to Tran Vinh Duc, the company’s Chief Executive Officer.
Senior Vice President and Managing Director of Chubb Corporation for Asia-Pacific Region, Michael J. Cassella, said that through the partnership, the corporation has made a firm commitment to Vietnamese businesses.
Showing posts with label Bao Minh. Show all posts
Showing posts with label Bao Minh. Show all posts
Wednesday, September 05, 2007
Tuesday, June 26, 2007
Insurance companies seek permission to increase capital
A lot of insurance companies have asked for permission to increase capital to improve their financial capability, according to the Ministry of Finance.
The applications all were made to the Ministry of Finance in the first quarter of 2007. Insurers asking to increase capital included Bao Viet, Bao Minh, Vinare, Bao Long, Vien Dong, BIC, and newly licenced companies like Toan Cau, Bao Nong, Bao Tin.
Insurers are rushing to increase their capital in order to have the capital levels stipulated by Government Decree 45. The decree, dated March 27, 2007, says that non-life insurance companies must have at least VND300bil in legal capital (the previously applied level was VND70bil), while life insurance companies must have at least VND600bil in legal capital instead of VND140bil. Brokerage insurance companies must have the minimum legal capital of VND4bil.
The insurance companies which have been previously established and do not have the required capital level must raise their capital within three years after the date the decree went into effect.
However, according to Phung Dac Loc, Secretary General of the Vietnam Insurance Association, the strict requirements stipulated in the decree are not the main reasons insurers want to increase their capital. In fact, insurers want to become stronger to get ready for the fierce competition to come.
Among the companies, BIC (BIDV Insurance Company) has asked for the biggest capital increase. BIDV, the mother bank, has decided to inject VND300bil more in the insurance company to raise the chartered capital of the insurer to VND500bil in June 2007.
Pham Quang Tung, BIC Director, said that the required capital levels might be high for local companies, but they proved to be relatively low compared to those of companies in regional countries. Insurers need to increase their capital in order to become financially stronger.
Mr Tung said that with the stock market’s development, it was not a difficult task nowadays to increase capital.
Source: VNE
The applications all were made to the Ministry of Finance in the first quarter of 2007. Insurers asking to increase capital included Bao Viet, Bao Minh, Vinare, Bao Long, Vien Dong, BIC, and newly licenced companies like Toan Cau, Bao Nong, Bao Tin.
Insurers are rushing to increase their capital in order to have the capital levels stipulated by Government Decree 45. The decree, dated March 27, 2007, says that non-life insurance companies must have at least VND300bil in legal capital (the previously applied level was VND70bil), while life insurance companies must have at least VND600bil in legal capital instead of VND140bil. Brokerage insurance companies must have the minimum legal capital of VND4bil.
The insurance companies which have been previously established and do not have the required capital level must raise their capital within three years after the date the decree went into effect.
However, according to Phung Dac Loc, Secretary General of the Vietnam Insurance Association, the strict requirements stipulated in the decree are not the main reasons insurers want to increase their capital. In fact, insurers want to become stronger to get ready for the fierce competition to come.
Among the companies, BIC (BIDV Insurance Company) has asked for the biggest capital increase. BIDV, the mother bank, has decided to inject VND300bil more in the insurance company to raise the chartered capital of the insurer to VND500bil in June 2007.
Pham Quang Tung, BIC Director, said that the required capital levels might be high for local companies, but they proved to be relatively low compared to those of companies in regional countries. Insurers need to increase their capital in order to become financially stronger.
Mr Tung said that with the stock market’s development, it was not a difficult task nowadays to increase capital.
Source: VNE
Bao Minh on the hunt for strategic partners
Bao Minh Insurance, Viet Nam's second largest insurer, has announced it has brought onboard consultants to aid it in attracting overseas strategic investors for its upcoming share issuance.
The Ho Chi Minh City-based insurer inked the consultancy deals with international investment bank NM Rothschild & Sons and Vietnamese-based Horizon Capital Advisers.
Bao Minh is planning to offer 12.57 million shares to strategic investors in preparation for capital expansions for its new subsidiaries in northern Lao Cai province and Central Highlands Kon Tum province.
Earlier, the company at its shareholders’ meeting also decided to establish the Bao Minh Securities Company and the Bao Minh Fund Management Company.
Source: VNA
The Ho Chi Minh City-based insurer inked the consultancy deals with international investment bank NM Rothschild & Sons and Vietnamese-based Horizon Capital Advisers.
Bao Minh is planning to offer 12.57 million shares to strategic investors in preparation for capital expansions for its new subsidiaries in northern Lao Cai province and Central Highlands Kon Tum province.
Earlier, the company at its shareholders’ meeting also decided to establish the Bao Minh Securities Company and the Bao Minh Fund Management Company.
Source: VNA
Friday, June 15, 2007
Bao Minh Insurance to raise 120 mio US$ via shares
Ho Chi Minh City Insurance Corporation (BMI), Vietnam's second-largest insurer, will raise $120 million from issuing more than 32 million shares next month to expand its business, its chief executive said.
CEO Tran Vinh Duc said in a statement the company, also known as Bao Minh, would issue 32,100,000 new shares mostly to existing investors and company employees and also sell to foreign investors.
Proceeds will be used "to add to the working funds, expand the scope of operation and raise Bao Minh's competitive edge", he said in the statement seen on Friday.
Vietnam's insurance sector has grown rapidly in recent years as economic growth has risen beyond 8% in 2005 and 2006. Growth potential in the country of 85 million people is huge as Vietnam spent about $10 per head on insurance in 2005, compared with $46.3 in China, industry reports show.
Bao Minh, which holds 21% of Vietnam's non-life insurance market and stands behind number-one insurer Bao Viet, has planned to raise its registered capital by 74% to 755 billion dong ($46.9 million) this year.
Shares in Bao Minh shed 0.37% on Friday to 134,500 dong ($8.34), valuing the firm at $362 million.
Duc said Bao Minh will sell 17,360,000 shares to existing shareholders under a 10-for-4 plan in July at price of 15,000 dong each. Company employees can register to buy 2.17 million shares by July 6, also at a price of 15,000 dong each.
Bao Minh would sell the remaining 12.57 million shares directly to foreign strategic investors at a maximum price of 130,000 dong each.
All the newly issued shares are expected to be listed by Oct. 1, Duc said.
Bao Minh's first quarter net profit reached 49.3 billion dong ($3 million), nearly half the net earning for the whole of last year, which jumped 18% from 2005 to 100.75 billion dong, Bao Minh said in a financial statement released on Friday.
The company has projected its net profit for the whole of 2007 to rise 9% to 110 billion dong and its Return on Equity is targeted at 18.5% for both this year and 2008, down from 23.2% last year.
Source: Reuters
CEO Tran Vinh Duc said in a statement the company, also known as Bao Minh, would issue 32,100,000 new shares mostly to existing investors and company employees and also sell to foreign investors.
Proceeds will be used "to add to the working funds, expand the scope of operation and raise Bao Minh's competitive edge", he said in the statement seen on Friday.
Vietnam's insurance sector has grown rapidly in recent years as economic growth has risen beyond 8% in 2005 and 2006. Growth potential in the country of 85 million people is huge as Vietnam spent about $10 per head on insurance in 2005, compared with $46.3 in China, industry reports show.
Bao Minh, which holds 21% of Vietnam's non-life insurance market and stands behind number-one insurer Bao Viet, has planned to raise its registered capital by 74% to 755 billion dong ($46.9 million) this year.
Shares in Bao Minh shed 0.37% on Friday to 134,500 dong ($8.34), valuing the firm at $362 million.
Duc said Bao Minh will sell 17,360,000 shares to existing shareholders under a 10-for-4 plan in July at price of 15,000 dong each. Company employees can register to buy 2.17 million shares by July 6, also at a price of 15,000 dong each.
Bao Minh would sell the remaining 12.57 million shares directly to foreign strategic investors at a maximum price of 130,000 dong each.
All the newly issued shares are expected to be listed by Oct. 1, Duc said.
Bao Minh's first quarter net profit reached 49.3 billion dong ($3 million), nearly half the net earning for the whole of last year, which jumped 18% from 2005 to 100.75 billion dong, Bao Minh said in a financial statement released on Friday.
The company has projected its net profit for the whole of 2007 to rise 9% to 110 billion dong and its Return on Equity is targeted at 18.5% for both this year and 2008, down from 23.2% last year.
Source: Reuters
Sunday, May 20, 2007
Bao Minh to issue new shares
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
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
Saturday, May 19, 2007
Blue chip firms speculate in real estate
Vietnamese companies are increasingly moving from their traditional business platforms into real estate speculation and development in a bid to boost corporate values on the stock market.
High-profile firms like REE are widening their portfolios to include real estate speculation and property development
The shift has become order of the day for many firms eager to tap into a red hot real estate market that is generating huge profits for investors as demand currently heavily outweighs supply.
Refrigeration and Engineering Corporation (REE) is one company known for its mechanical and engineering business. The firm is now a high-profile real estate developer with five successful office projects in Ho Chi Minh City on the books and more on the way.
Last year, REE pocketed over $3 million from the lease of company-owned office space and expects to double that figure this year after opening a further 27,000 square metres in area two months ago.
REE has plans to increase its forays into the market with a $25 million investment that will see the company increase its leased floor space by an additional 65,000sqm.
Confectionery maker Kinh Do Corporation recently announced that it would invest 30% of its operating profits into property development with an office and residential complex for Ho Chi Minh City.
Battery producer Pinaco and the Saigon Garment Company (SGC) are other cases in point. Pinaco is preparing a share issuance to raise capital to build a new factory in Dong Nai province and is looking for partners to develop its current 20,000sqm site in Ho Chi Minh City's District 6. SGC also plans to build a small industrial complex and move its facilities out of town. The company will rebuild residential and office blocks on its current site.
Other firms, which are preparing for initial public offerings (IPO), are also building large offices to boost corporate values. Vietcombank is due for an IPO in October and has stated it will put up a 77,000sqm office block in the country's second city, while Bank for Investment and Development of Vietnam, Electricity of Vietnam, Bao Viet and Bao Minh are all building their own office buildings.
Real estate investments are not only boosting corporate profiles but are also bringing in tidy profits for companies not afraid to step away from their traditional business models. Grade A office monthly rental rates in Hanoi and Ho Chi Minh City now reach $38 per square metre and are expected to fetch up to $46 by next year. Housing and retail space demand is also strong with rents set to increase across the board.
Source: VNE
High-profile firms like REE are widening their portfolios to include real estate speculation and property development
The shift has become order of the day for many firms eager to tap into a red hot real estate market that is generating huge profits for investors as demand currently heavily outweighs supply.
Refrigeration and Engineering Corporation (REE) is one company known for its mechanical and engineering business. The firm is now a high-profile real estate developer with five successful office projects in Ho Chi Minh City on the books and more on the way.
Last year, REE pocketed over $3 million from the lease of company-owned office space and expects to double that figure this year after opening a further 27,000 square metres in area two months ago.
REE has plans to increase its forays into the market with a $25 million investment that will see the company increase its leased floor space by an additional 65,000sqm.
Confectionery maker Kinh Do Corporation recently announced that it would invest 30% of its operating profits into property development with an office and residential complex for Ho Chi Minh City.
Battery producer Pinaco and the Saigon Garment Company (SGC) are other cases in point. Pinaco is preparing a share issuance to raise capital to build a new factory in Dong Nai province and is looking for partners to develop its current 20,000sqm site in Ho Chi Minh City's District 6. SGC also plans to build a small industrial complex and move its facilities out of town. The company will rebuild residential and office blocks on its current site.
Other firms, which are preparing for initial public offerings (IPO), are also building large offices to boost corporate values. Vietcombank is due for an IPO in October and has stated it will put up a 77,000sqm office block in the country's second city, while Bank for Investment and Development of Vietnam, Electricity of Vietnam, Bao Viet and Bao Minh are all building their own office buildings.
Real estate investments are not only boosting corporate profiles but are also bringing in tidy profits for companies not afraid to step away from their traditional business models. Grade A office monthly rental rates in Hanoi and Ho Chi Minh City now reach $38 per square metre and are expected to fetch up to $46 by next year. Housing and retail space demand is also strong with rents set to increase across the board.
Source: VNE
Wednesday, May 16, 2007
Securities firm buys first brokerage insurance in Vietnam
The Dai Viet Securities Company (DVSC) inked Tuesday a deal with the Ho Chi Minh City Bao Minh Insurance Company to pioneer the first ever indemnity insurance for a brokerage in Vietnam.
The insurance contract is responsible for negligence including broker malpractice and misrepresentation, aiming to protect the benefits of both the broker and investors.
Under the one-year deal, the maximum compensation rate for investors suffering losses due to the broker could reach US$1 million.
DVSC, with a chartered capital of VND250 billion ($16 million), offers securities services like brokerage, securities custody, consulting and underwriting.
Vietnam has over fifty registered securities firms but only four of them – Saigon Securities Inc (SSI), Bao Viet Securities Company (BVS), Asia Commercial Bank Securities Company (ACBS) and the Bank for Investment and Development of Vietnam Securities Company - account for 71% of all trade.
The State Securities Commission in the first quarter received more than 30 license applications to set up securities firms.
The market regulator is considering temporarily icing over the issue of new permission due to the poor service quality at existing brokerages.
Source: VNA
The insurance contract is responsible for negligence including broker malpractice and misrepresentation, aiming to protect the benefits of both the broker and investors.
Under the one-year deal, the maximum compensation rate for investors suffering losses due to the broker could reach US$1 million.
DVSC, with a chartered capital of VND250 billion ($16 million), offers securities services like brokerage, securities custody, consulting and underwriting.
Vietnam has over fifty registered securities firms but only four of them – Saigon Securities Inc (SSI), Bao Viet Securities Company (BVS), Asia Commercial Bank Securities Company (ACBS) and the Bank for Investment and Development of Vietnam Securities Company - account for 71% of all trade.
The State Securities Commission in the first quarter received more than 30 license applications to set up securities firms.
The market regulator is considering temporarily icing over the issue of new permission due to the poor service quality at existing brokerages.
Source: VNA
Thursday, April 19, 2007
Bao Minh expects revenue increase by 10%
Vietnamese insurer Bao Minh Insurance Corp. (BMI @ HaSTC)said Wednesday it expected a 9.5% rise in revenues this year to VND1.59 trillion ($98.6 million).
The company, one of the country's two listed insurers, also expected its net profit to rise 10% to VND110 billion ($6.8 million) this year from 2006, Bao Minh president Tran Vinh Duc said in a statement.
The firm would issue 32.1 million new shares to raise its chartered capital to VND755 billion ($47 million) later this year from VND434 billion ($27 million) now, Duc said.
He said 12.57 million of the new shares would be sold to unspecified strategic foreign investors at a price to be negotiated.
On Wednesday, shares in Bao Minh jumped 9.94% to close at VND165,900 ($10.3) on the over-the-counter Hanoi Securities Trading Center.
The Hanoi exchange said on Tuesday that Bao Viet, the country's top insurance firm, would sell 8.74% of its shares in its initial public offering on May 17.
Source: Thanh Nien
The company, one of the country's two listed insurers, also expected its net profit to rise 10% to VND110 billion ($6.8 million) this year from 2006, Bao Minh president Tran Vinh Duc said in a statement.
The firm would issue 32.1 million new shares to raise its chartered capital to VND755 billion ($47 million) later this year from VND434 billion ($27 million) now, Duc said.
He said 12.57 million of the new shares would be sold to unspecified strategic foreign investors at a price to be negotiated.
On Wednesday, shares in Bao Minh jumped 9.94% to close at VND165,900 ($10.3) on the over-the-counter Hanoi Securities Trading Center.
The Hanoi exchange said on Tuesday that Bao Viet, the country's top insurance firm, would sell 8.74% of its shares in its initial public offering on May 17.
Source: Thanh Nien
Tuesday, April 10, 2007
Bao Viet to sell stake to foreign investors
Vietnam's largest insurance firm Bao Viet will offer an 18% stake to foreign investors while the state will retain 65.34% of ownership, the official Vietnam News Agency reported on Monday.
The Vietnam Insurance group, known as Bao Viet, will auction more than 59.4 million shares or 8.74% of the firm's total to the public and 0.7% to employees and the remaining 7.22% to strategic investors, the report said.
The Finance Ministry said the partial privatisation for Bao Viet has been approved but it did not disclose a date for the share auction, the report said.
Company officials could not immediately be reached for comment.
The Vietnam News Agency said Bao Viet group will have a registered capital of 6.8 trillion dong ($422 million).
Communist-ruled Vietnam limits foreign ownership at 49% in a non-bank listed company.
Last year, the Vietnam National Re-Insurance Corporation (VNR) and Bao Minh Insurance Corp. (BMI) became the country's first insurance sector firms to have listed shares on the over-the-counter Hanoi Securities Trading Center
Bao Viet Securities (BVS), a subsidiary of Bao Viet, also listed on the Hanoi exchange last December.
The securities firm is a new business of Bao Viet which has said it would diversify into banking, financial leasing, real estate and public health insurance.
Vietnam's insurance sector has grown rapidly in recent years in line with the economy, which is targeted to expand 8.5% this year after growth of more than 8% in 2005 and 2006.
Source: Reuters
The Vietnam Insurance group, known as Bao Viet, will auction more than 59.4 million shares or 8.74% of the firm's total to the public and 0.7% to employees and the remaining 7.22% to strategic investors, the report said.
The Finance Ministry said the partial privatisation for Bao Viet has been approved but it did not disclose a date for the share auction, the report said.
Company officials could not immediately be reached for comment.
The Vietnam News Agency said Bao Viet group will have a registered capital of 6.8 trillion dong ($422 million).
Communist-ruled Vietnam limits foreign ownership at 49% in a non-bank listed company.
Last year, the Vietnam National Re-Insurance Corporation (VNR) and Bao Minh Insurance Corp. (BMI) became the country's first insurance sector firms to have listed shares on the over-the-counter Hanoi Securities Trading Center
Bao Viet Securities (BVS), a subsidiary of Bao Viet, also listed on the Hanoi exchange last December.
The securities firm is a new business of Bao Viet which has said it would diversify into banking, financial leasing, real estate and public health insurance.
Vietnam's insurance sector has grown rapidly in recent years in line with the economy, which is targeted to expand 8.5% this year after growth of more than 8% in 2005 and 2006.
Source: Reuters
Tuesday, March 20, 2007
Bao Minh signs airline insurance deal
Bao Minh Insurance Corporation and the Viet Nam Insurance Corporation (Bao Viet ) on March 16 signed a 4 billion US$ insurance contract with Vietnam Airlines.
Over 2.5 billion US$ of the total will be spent on aircraft insurance while about 1.5 billion US$ will go towards liability insurance. Bao Minh is the lead company in the deal.
In the past few years, Vietnam Airlines has coordinated with leading national insurance companies such as Bao Minh and Bao Viet in insuring its planes and passengers under international standards.
Bao Minh, the second largest insurer in Viet Nam, listed its shares on the Ha Noi stock exchange in November, last year. It has forecasted revenues of 1.6 trillion VND (100mio US$) in 2007, a 6% increase over the 2006 figures. After-tax profits have been pegged at 110 billion VND (6.88mio US$).
Revenues last year reached more than 1.4 trillion VND (90.3mio US$). The re-insurance division was especially strong, earning 80.9 billion VND (5.05mio US$), up 58% from 2005.
Source: VNA
Over 2.5 billion US$ of the total will be spent on aircraft insurance while about 1.5 billion US$ will go towards liability insurance. Bao Minh is the lead company in the deal.
In the past few years, Vietnam Airlines has coordinated with leading national insurance companies such as Bao Minh and Bao Viet in insuring its planes and passengers under international standards.
Bao Minh, the second largest insurer in Viet Nam, listed its shares on the Ha Noi stock exchange in November, last year. It has forecasted revenues of 1.6 trillion VND (100mio US$) in 2007, a 6% increase over the 2006 figures. After-tax profits have been pegged at 110 billion VND (6.88mio US$).
Revenues last year reached more than 1.4 trillion VND (90.3mio US$). The re-insurance division was especially strong, earning 80.9 billion VND (5.05mio US$), up 58% from 2005.
Source: VNA
Tuesday, March 06, 2007
Securities transactions bustling
Securities transaction in Viet Nam kept bustling, with stock indexes climbing to new heights on Mar. 5 trading sessions at both the Ho Chi Minh City and Ha Noi Securities Trading Centres.
The VN-index closed at 1,158.9 points while the HaSTC Index scored a record increase by 16.7 points to 435.58 points.
The Ho Chi Minh Securities Trading Centre witnessed an increase in prices of up to 77 stocks, including 58 stocks approaching their ceiling prices.
On the Mar. 5 session, much attention was paid to low-cost stocks, particularly those bearing a face value of under 100,000 VND. Most of these stocks had changed hands by the end of the trading session.
Sales of Sacombank shares, coded STB, continued to record gains with a huge number of stocks traded on this session, including 119,110 stocks reaching their ceiling prices. The positive result was mainly driven by the bank's plan to increase its charter capital and pay 12% of dividend by shares.
More than 1 trillion VND worth of shares and investment certificates changed hands on this trading session at the HCM City Securities Trading Centre.
At the Ha Noi Securities Trading Centre, the HaSTC index rebounded on Mar. 5 after a decrease in three consecutive trading sessions. Most stocks recording gains are from financial, banking and insurance sectors, including Bao Viet Securities Corporation (BVS), Bao Minh Insurance Company (BMI) and the Asia Commercial Bank (ACB). Stock prices of cement, construction and services companies also gained strong increases.
At the end of the trading session, more than 3.4 million shares were traded, worth 362.9 billion VND. The figure represented an increase of 9% in volume and 28.5% in value over the previous day.
Plans of a series of companies to divide dividends by shares and provide shareholders with preferential share prices have prodded investors to pour more money into this market.
Source: VNA
The VN-index closed at 1,158.9 points while the HaSTC Index scored a record increase by 16.7 points to 435.58 points.
The Ho Chi Minh Securities Trading Centre witnessed an increase in prices of up to 77 stocks, including 58 stocks approaching their ceiling prices.
On the Mar. 5 session, much attention was paid to low-cost stocks, particularly those bearing a face value of under 100,000 VND. Most of these stocks had changed hands by the end of the trading session.
Sales of Sacombank shares, coded STB, continued to record gains with a huge number of stocks traded on this session, including 119,110 stocks reaching their ceiling prices. The positive result was mainly driven by the bank's plan to increase its charter capital and pay 12% of dividend by shares.
More than 1 trillion VND worth of shares and investment certificates changed hands on this trading session at the HCM City Securities Trading Centre.
At the Ha Noi Securities Trading Centre, the HaSTC index rebounded on Mar. 5 after a decrease in three consecutive trading sessions. Most stocks recording gains are from financial, banking and insurance sectors, including Bao Viet Securities Corporation (BVS), Bao Minh Insurance Company (BMI) and the Asia Commercial Bank (ACB). Stock prices of cement, construction and services companies also gained strong increases.
At the end of the trading session, more than 3.4 million shares were traded, worth 362.9 billion VND. The figure represented an increase of 9% in volume and 28.5% in value over the previous day.
Plans of a series of companies to divide dividends by shares and provide shareholders with preferential share prices have prodded investors to pour more money into this market.
Source: VNA
Friday, January 12, 2007
Bao Minh sells life insurance
The Bao Minh Insurance Corporation and the Australian financial and banking group, Commonwealth announced to transfer the Life Insurance Bao Minh CMG to Dai-ichi Mutual Life Insurance of Japan.
The transfer, which is awaiting approval from State management agencies, will be performed in the first half of this year.
The Life Insurance Bao Minh CMG is the only joint venture of its kind in Viet Nam. It is the fifth largest life insurance company in the country in terms of revenue. The joint venture has 50 representative offices nationwide.
Dai-ichi Mutual Life Insurance is the second largest life insurance firm in Japan. The transfer is part of the company's strategy to expand its operations in Asia.
Source: VNA
The transfer, which is awaiting approval from State management agencies, will be performed in the first half of this year.
The Life Insurance Bao Minh CMG is the only joint venture of its kind in Viet Nam. It is the fifth largest life insurance company in the country in terms of revenue. The joint venture has 50 representative offices nationwide.
Dai-ichi Mutual Life Insurance is the second largest life insurance firm in Japan. The transfer is part of the company's strategy to expand its operations in Asia.
Source: VNA
Sunday, November 12, 2006
Bao Minh Insurance plans OTC listing
Bao Minh will list all its 43.4 million shares, becoming Vietnam's second insurer to trade on the stock market and the 22nd firm on the Hanoi market.
Bao Minh, valued at US$133.7 million based on its unofficial market share price of $3.08 in early October, has yet to say when it will make its market debut, though brokers expect this to take place early next month.
The Vietnam National Re-Insurance Corp. (VINARE) has already listed shares on the Hanoi OTC market.
The insurer became independent in late 1994 from the Ho Chi Minh City branch of state-run Vietnam Insurance Corp. (Bao Viet), the country's largest insurer which has a 40 percent market share. After a partial privatisation in 2004, the state still owns 63 percent of Bao Minh, which offers life and non-life insurance.
Premiums last year rose 12 percent to VND1.21 trillion ($75.4), Bao Minh said. Furthermore Bao Minh has business interest in hotels, tourism and stockbroking.
Vietnam's insurance market has seen rapid growth in recent years in line with the economy, the world's fastest growing after China. The sector's premiums in the first half of 2006 rose 18 percent to VND8 trillion ($498 million).
Bao Minh, valued at US$133.7 million based on its unofficial market share price of $3.08 in early October, has yet to say when it will make its market debut, though brokers expect this to take place early next month.
The Vietnam National Re-Insurance Corp. (VINARE) has already listed shares on the Hanoi OTC market.
The insurer became independent in late 1994 from the Ho Chi Minh City branch of state-run Vietnam Insurance Corp. (Bao Viet), the country's largest insurer which has a 40 percent market share. After a partial privatisation in 2004, the state still owns 63 percent of Bao Minh, which offers life and non-life insurance.
Premiums last year rose 12 percent to VND1.21 trillion ($75.4), Bao Minh said. Furthermore Bao Minh has business interest in hotels, tourism and stockbroking.
Vietnam's insurance market has seen rapid growth in recent years in line with the economy, the world's fastest growing after China. The sector's premiums in the first half of 2006 rose 18 percent to VND8 trillion ($498 million).
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