Petrovietnam Insurance Corporation (PVI), Vietnam's third-largest insurer, has won initial approval to list on the over-the-counter Hanoi stock market (HASTCI), the exchange said on Thursday.
Hanoi-based PVI, the insurance arm of state oil and gas Petrovietnam group, was given approval to list all its 50 million shares, exchange director Tran Van Dung said in a statement.
Dung did not say when PVI would make its share debut.
Shares in PVI fell to 75,000-77,000 dong ($4.65-$4.77) on the unofficial markets this week from 80,000-82,000 dong early last month, valuing the firm at $235 million.
Vietnam's insurance sector has grown rapidly in recent years as domestic economic growth was more than 8 percent in 2005 and 2006. The government expects 9 percent growth in the second half of this year, up from 7.87 percent in the first half.
The Hanoi market said in another statement that PVI had raised 36.8 billion dong ($2.3 million) from selling 483,400 shares on Tuesday at an average price of 76,190 dong.
The shares sold were left from an auction in June in which investors bid but then refused to buy the stocks, the Hanoi market said without giving a reason for the refusal.
The share sale was part of PVI's plan to issue more than 35 million shares, with proceeds going to building three oil tankers, buying stakes in two financial firms and a power plant construction firm in Laos.
Last year, PVI had an 18.09 percent market share of Vietnam's non-life insurance market, making it the third biggest after Bao Viet, which had a 34.94 percent share, and Bao Minh (BMI) with 21.29 percent, industry reports said.
The Hanoi market's index, now with 88 listed firms, fell 0.57 percent to close at 258.52 points on Thursday.
Source: Reuters
Showing posts with label PVI. Show all posts
Showing posts with label PVI. Show all posts
Friday, August 03, 2007
Sunday, July 22, 2007
PetroVietnam Insurance to list on Ha Noi bourse
PetroVietnam Insurance will list shares at the Ha Noi Securities Trading Centre by the end of this month, under a decision approved by the management board on July 19.
The company will list 50 million shares, worth a total 500 billion VND (31.3 million USD), followed by an additional listing worth 315 billion VND (19.7 million USD) two or three weeks later.
”We chose Ha Noi Securities Trading Centre because we want to meet the timetable of the listing under the requirements of our parent company, PetroVietnam,” said a representative of PetroVietnam Insurance’s legal department.
The company is deciding between Deloitte Viet Nam (previously Vaco) or Earnst & Young to consult for the listings, she added, and was also considering potential strategic partners.
The company plans to sell 149 billion VND (9.3 million USD) worth of shares in the fourth quarter of this year, of which 100 million VND (6.3 million USD) would be sold to a strategic partner, said PetroVietnam Insurance chairman Le Van Hung.
Source: VNA
The company will list 50 million shares, worth a total 500 billion VND (31.3 million USD), followed by an additional listing worth 315 billion VND (19.7 million USD) two or three weeks later.
”We chose Ha Noi Securities Trading Centre because we want to meet the timetable of the listing under the requirements of our parent company, PetroVietnam,” said a representative of PetroVietnam Insurance’s legal department.
The company is deciding between Deloitte Viet Nam (previously Vaco) or Earnst & Young to consult for the listings, she added, and was also considering potential strategic partners.
The company plans to sell 149 billion VND (9.3 million USD) worth of shares in the fourth quarter of this year, of which 100 million VND (6.3 million USD) would be sold to a strategic partner, said PetroVietnam Insurance chairman Le Van Hung.
Source: VNA
Tuesday, July 17, 2007
PVI insures offloading unit building
PetroVietnam Insurance (PVI) decided to enter a 120 million USD insurance contract for construction of the floating storage and offloading unit 5 (FSO-5) by the Viet Nam Shipbuilding Industry Corporation (Vinashin).
The contract was signed by PVI and Vinashin in Ha Noi on July 16.
FSO-5 is the biggest ever shipbuilding project in the country currently carried out by Vinashin.
According to Vinashin, FSOs are commonly used in oil fields where piplines linking the drilling platform with onshore facilities are either impossible or inefficient. The platform will transfer oil to the FSO where it will be stored until a tanker arrives.
Once completed after 14 months of construction, the FSO will be handed over to the Viet Nam-Russian Oil and Gas Joint Venture (VietsovPetro) for operation at Bach Ho (White Tiger) and Rong (Dragon) oil fields off southern coastal province of Ba Ria-Vung Tau.
PVI is an insurer that provides package insurance programmes to all projects from equipment and goods transportation to warranty and responsibility for the third party, said its General Director Nguyen Anh Tuan.
Source: VNA
The contract was signed by PVI and Vinashin in Ha Noi on July 16.
FSO-5 is the biggest ever shipbuilding project in the country currently carried out by Vinashin.
According to Vinashin, FSOs are commonly used in oil fields where piplines linking the drilling platform with onshore facilities are either impossible or inefficient. The platform will transfer oil to the FSO where it will be stored until a tanker arrives.
Once completed after 14 months of construction, the FSO will be handed over to the Viet Nam-Russian Oil and Gas Joint Venture (VietsovPetro) for operation at Bach Ho (White Tiger) and Rong (Dragon) oil fields off southern coastal province of Ba Ria-Vung Tau.
PVI is an insurer that provides package insurance programmes to all projects from equipment and goods transportation to warranty and responsibility for the third party, said its General Director Nguyen Anh Tuan.
Source: VNA
Friday, July 13, 2007
PVI provides risk management to Dung Quat oil refinery
PetroVietnam Insurance (PVI) will provide the Dung Quat oil refinery with risk management consultation and insurance services worth over 3 billion USD per year.
Under an agreement that was signed in central Quang Ngai province on July 12, the insurance package will cover assets, personal safety, construction, installation and transportation insurance for the refinery.
Covering 338 ha of land and 473 ha of water in Quang Ngai province’s Binh Son district, t he 2.5 billion USD Dung Quat oil refinery will be capable of processing 6.5 million tonnes of crude oil per year and refine 33 percent of the country’s entire demand for petrol and oil. Its products will include protylen, liquefied petroleum gas (LPG), lead-free petrol, diesel oil and fuel oil.
PVI is now the sole insurer for the refinery, providing insurance services from design to the refinery’s initial test run.
Source: VNA
Under an agreement that was signed in central Quang Ngai province on July 12, the insurance package will cover assets, personal safety, construction, installation and transportation insurance for the refinery.
Covering 338 ha of land and 473 ha of water in Quang Ngai province’s Binh Son district, t he 2.5 billion USD Dung Quat oil refinery will be capable of processing 6.5 million tonnes of crude oil per year and refine 33 percent of the country’s entire demand for petrol and oil. Its products will include protylen, liquefied petroleum gas (LPG), lead-free petrol, diesel oil and fuel oil.
PVI is now the sole insurer for the refinery, providing insurance services from design to the refinery’s initial test run.
Source: VNA
Petrovietnam insurance arm seeks listing licence
Petrovietnam Insurance Corporation (PVI), Vietnam's third-largest insurer, has sought to list all its 50 million shares on the over-the-counter Hanoi stock market, the exchange said on Thursday.
Hanoi-based PVI, the insurance arm of state oil and gas Petrovietnam group, needed to provide additional information to its listing application before receiving a licence, the market authority said in a statement.
Shares in PVI were 80,000 dong to 82,000 dong ($5) on the unofficial markets, valuing the firm at $250 million.
Vietnam's insurance sector has grown rapidly in recent years as economic growth was more than 8 percent in 2005 and 2006. The government expects 9 percent growth in the second half of this year, up from 7.87 percent in the first half.
The growth potential for insurance in the country of 85 million people is huge as Vietnam spent $11 per head on insurance last year, up from $10 in 2005, compared with $46.3 in China, industry figures show.
Last month, PVI raised nearly $47 million by auctioning 10 million shares at an average 75,499 dong ($4.7) each, of which foreign investors bought more than 1.9 million.
The sale was part of PVI's plan to issue more than 35 million shares, with proceeds going to building three oil tankers, buying stakes in two financial firms and a power plant construction firm in Laos.
The state now owns 76 percent of PVI, outside investors have 23.46 percent and employees hold 0.54 percent.
Last year, PVI had an 18.09 percent market share of Vietnam's non-life insurance market, making it the third biggest after Bao Viet, which had a 34.94 percent share, and Bao Minh (BMI) with 21.29 percent, industry reports said.
PVI has been expanding from its core insurance business since early 2007 to areas such as crude oil production, banking, stock broking and cement production.
PVI said its audited net profit jumped 51.7 percent to 44 billion dong ($2.73 million) last year from 2005 following a 65.6-percent surge in insurance premiums to $72 million.
It had revenues of 1.2 trillion dong ($74.4 million) in the first half of this year, or 65 percent of its annual target.
Source: Reuters
Hanoi-based PVI, the insurance arm of state oil and gas Petrovietnam group, needed to provide additional information to its listing application before receiving a licence, the market authority said in a statement.
Shares in PVI were 80,000 dong to 82,000 dong ($5) on the unofficial markets, valuing the firm at $250 million.
Vietnam's insurance sector has grown rapidly in recent years as economic growth was more than 8 percent in 2005 and 2006. The government expects 9 percent growth in the second half of this year, up from 7.87 percent in the first half.
The growth potential for insurance in the country of 85 million people is huge as Vietnam spent $11 per head on insurance last year, up from $10 in 2005, compared with $46.3 in China, industry figures show.
Last month, PVI raised nearly $47 million by auctioning 10 million shares at an average 75,499 dong ($4.7) each, of which foreign investors bought more than 1.9 million.
The sale was part of PVI's plan to issue more than 35 million shares, with proceeds going to building three oil tankers, buying stakes in two financial firms and a power plant construction firm in Laos.
The state now owns 76 percent of PVI, outside investors have 23.46 percent and employees hold 0.54 percent.
Last year, PVI had an 18.09 percent market share of Vietnam's non-life insurance market, making it the third biggest after Bao Viet, which had a 34.94 percent share, and Bao Minh (BMI) with 21.29 percent, industry reports said.
PVI has been expanding from its core insurance business since early 2007 to areas such as crude oil production, banking, stock broking and cement production.
PVI said its audited net profit jumped 51.7 percent to 44 billion dong ($2.73 million) last year from 2005 following a 65.6-percent surge in insurance premiums to $72 million.
It had revenues of 1.2 trillion dong ($74.4 million) in the first half of this year, or 65 percent of its annual target.
Source: Reuters
Friday, June 29, 2007
Abundance of IPOs deals blow to investors
The OTC market had not yet recovered from the two big IPOs by the Phu My Fertiliser and Bao Viet when it received another ‘blow’, the IPO of 10mil shares by PetroVietnam Insurance (PVI) on June 26.
Before the PVI auction on June 26, PVI shares were traded at VND110,000/share on OTC market. The price dropped dramatically on June 27 after the final average price of the auction at VND75,499/share was announced. On OTC websites, PVI shares are being offered at VND75,000/share.
A lot of other OTC share items got involved in the misfortune when the prices dropped dramatically and they are unsalable because investors fear that more IPOs will take place in the coming time.
PVI shares have become the obsession of many investors as they set a record in price decrease, though PVI announced impressive business performance. Le Van Hung, Chairman of PVI, said that PVI expected to obtain the turnover of VND1,768bil, or more than $100mil.
There are two ways for investors to go now, either to hold shares with the hope that the PVI share price will increase when they are listed, or to sell the shares right now for fear that the price will further decrease.
In fact, PVI’s price has decreased not because PVI’s business is bad, but because of too many commodities on the market.
Experts have warned that if the IPOs of big corporations took place in the time to come as previously planned, the supply of securities will far exceed the demand, which will result in the dramatic drop of prices and the fall of the market.
Kim Thanh, an expert with the State Bank of Vietnam’s Monetary Policy Department, said that 40 IPOs had been made so far this year, with 451mil shares sold.
Soon after the IPO by PVI on June 26, Vincom will sell 5mil of shares to the public in early July at the starting price at VND80,000/share. Other IPOs will come in August (Vietcombank), October Mekong Housing Bank (MHB), while other big corporations have announced IPOs for the fourth quarter of 2007, including MobiFone and Sabeco.
A question has been raised: do investors have enough money for the large and massive number of IPOs?
Phan Vu Hung, an investor in HCM City thinks that enterprises should delay their IPOs. He said that domestic investors would not have money to buy all the shares to be issued, especially with commercial banks limiting loans for securities investment.
Ngoc Lan, an investor on Bao Viet Securities Company’s trading floor, said that a massive number of IPOs would cause indigestion in the market and not bring much money to the securities issuers as public capital is not unlimited.
Unlike the IPOs made last year, the final prices from this year’s share auctions are just a bit higher than the starting prices. Several issuers have to organise auctions twice as they cannot sell all the shares in one auction. The Phu My Thermo Power Company, for example, had 4.8mil unsold shares after the first auction, while the percentage of Thac Mo Hydropower Plant’s shares left unsold accounted for 38%.
Tran Bac Ha, Director General of the Bank for Investment and Development (BIDV) has warned that at least six IPOs of big corporations will take place from now until the end of the year. Mr Ha said that the IPOs will make supply far exceed demand, thus badly affecting the market.
Source: VNE
Before the PVI auction on June 26, PVI shares were traded at VND110,000/share on OTC market. The price dropped dramatically on June 27 after the final average price of the auction at VND75,499/share was announced. On OTC websites, PVI shares are being offered at VND75,000/share.
A lot of other OTC share items got involved in the misfortune when the prices dropped dramatically and they are unsalable because investors fear that more IPOs will take place in the coming time.
PVI shares have become the obsession of many investors as they set a record in price decrease, though PVI announced impressive business performance. Le Van Hung, Chairman of PVI, said that PVI expected to obtain the turnover of VND1,768bil, or more than $100mil.
There are two ways for investors to go now, either to hold shares with the hope that the PVI share price will increase when they are listed, or to sell the shares right now for fear that the price will further decrease.
In fact, PVI’s price has decreased not because PVI’s business is bad, but because of too many commodities on the market.
Experts have warned that if the IPOs of big corporations took place in the time to come as previously planned, the supply of securities will far exceed the demand, which will result in the dramatic drop of prices and the fall of the market.
Kim Thanh, an expert with the State Bank of Vietnam’s Monetary Policy Department, said that 40 IPOs had been made so far this year, with 451mil shares sold.
Soon after the IPO by PVI on June 26, Vincom will sell 5mil of shares to the public in early July at the starting price at VND80,000/share. Other IPOs will come in August (Vietcombank), October Mekong Housing Bank (MHB), while other big corporations have announced IPOs for the fourth quarter of 2007, including MobiFone and Sabeco.
A question has been raised: do investors have enough money for the large and massive number of IPOs?
Phan Vu Hung, an investor in HCM City thinks that enterprises should delay their IPOs. He said that domestic investors would not have money to buy all the shares to be issued, especially with commercial banks limiting loans for securities investment.
Ngoc Lan, an investor on Bao Viet Securities Company’s trading floor, said that a massive number of IPOs would cause indigestion in the market and not bring much money to the securities issuers as public capital is not unlimited.
Unlike the IPOs made last year, the final prices from this year’s share auctions are just a bit higher than the starting prices. Several issuers have to organise auctions twice as they cannot sell all the shares in one auction. The Phu My Thermo Power Company, for example, had 4.8mil unsold shares after the first auction, while the percentage of Thac Mo Hydropower Plant’s shares left unsold accounted for 38%.
Tran Bac Ha, Director General of the Bank for Investment and Development (BIDV) has warned that at least six IPOs of big corporations will take place from now until the end of the year. Mr Ha said that the IPOs will make supply far exceed demand, thus badly affecting the market.
Source: VNE
Wednesday, June 27, 2007
PVI raises $47 mln in share sale
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
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
Monday, June 25, 2007
Petrovietnam Insurance to sell $31 mln of shares
Petrovietnam Insurance Corp. (PVI), Vietnam's third-largest insurer, plans to raise at least $31 million from an auction of 10 million new shares this week.
The insurer said in a statement seen on Monday it had set a starting price for bidding at 50,000 dong ($3.1) a share for the auction scheduled to begin on Tuesday.
The Hanoi Securities Trading Centre said more than 3,200 investors, including 75 institutions, had registered to bid for the shares. The company's stock is being traded in the unofficial market at around 120,000 dong ($7.4).
The share sale is part of the firm's plan to issue more than 35 million shares to boost finances before a domestic listing later this year, company officials have said.
PVI, which raised nearly $117 million by selling 23 percent of its shares in an initial public offering in January, has applied to list on the Hanoi exchange, Chairman Le Van Hung told state media last week.
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
The insurer said in a statement seen on Monday it had set a starting price for bidding at 50,000 dong ($3.1) a share for the auction scheduled to begin on Tuesday.
The Hanoi Securities Trading Centre said more than 3,200 investors, including 75 institutions, had registered to bid for the shares. The company's stock is being traded in the unofficial market at around 120,000 dong ($7.4).
The share sale is part of the firm's plan to issue more than 35 million shares to boost finances before a domestic listing later this year, company officials have said.
PVI, which raised nearly $117 million by selling 23 percent of its shares in an initial public offering in January, has applied to list on the Hanoi exchange, Chairman Le Van Hung told state media last week.
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
Friday, June 15, 2007
PetroVietnam subsidiaries to cooperate
Three PetroVietnam subsidiaries on June 14 signed a collaboration agreement on risk management, insurance and financial services for a five-year period.
PetroVietnam Insurance (PVI) would provide insurance services to PV Exploitation and Production (PVEP) projects, as well as insurance and finance training courses for staff at the partner company.
Under the agreement, PVI and PVFC (PetroVietnam Finance Corporation) would also join in PVEP’s investment activities, as well as insurance activities for projects.
PVEP’s general director, Nguyen Van Minh, said the agreement also had PVEP using PVI as a consultant on risk management and insurance for projects that PVEP invests in.
”PVEP at present is conducting 30 domestic projects for oil exploitation, and eight foreign ones with Malaysia, Venezuela and Middle East countries,” said Minh.
”Insurance is necessary to ensure the speed and the effectiveness of the projects.”
PVFC was also set to become a trustee of capital, with a preferential interest rate, for PVEP and PVI projects.
Chairman of PetroVietnam Dinh La Thang said that while it was not the first collaboration between the domestic subsidiaries, he hoped the agreement would help raise the quality of oil as well as promote the effectiveness of Viet Nam’s oil and gas activities.
Source: VNA
PetroVietnam Insurance (PVI) would provide insurance services to PV Exploitation and Production (PVEP) projects, as well as insurance and finance training courses for staff at the partner company.
Under the agreement, PVI and PVFC (PetroVietnam Finance Corporation) would also join in PVEP’s investment activities, as well as insurance activities for projects.
PVEP’s general director, Nguyen Van Minh, said the agreement also had PVEP using PVI as a consultant on risk management and insurance for projects that PVEP invests in.
”PVEP at present is conducting 30 domestic projects for oil exploitation, and eight foreign ones with Malaysia, Venezuela and Middle East countries,” said Minh.
”Insurance is necessary to ensure the speed and the effectiveness of the projects.”
PVFC was also set to become a trustee of capital, with a preferential interest rate, for PVEP and PVI projects.
Chairman of PetroVietnam Dinh La Thang said that while it was not the first collaboration between the domestic subsidiaries, he hoped the agreement would help raise the quality of oil as well as promote the effectiveness of Viet Nam’s oil and gas activities.
Source: VNA
VIB Bank, PetroVietnam Insurance sign accord
VIB Bank and PetroVietnam Insurance (PVI) on June 11 signed a comprehensive cooperation agreement in Ha Noi.
As per the accord , the two sides will increase their market competitiveness and diversity by using each other’s strengths in specific areas, said Han Ngoc Vu, general director of VIB Bank.
The bank will provide new credit services for PVI and its clients with preferential interest rates. The services include short, medium and long-term loans, guarantees and international payments, he said.
”The comprehensive cooperation will not only help the two sides tap their partners’ strong points, but also boost their exchange of knowledge and experience on financial professionalism,” said Vu.
PVI will in turn offer an insurance programme and risky management services at a competitive cost for clients borrowing capital from VIB Bank or related projects, said Le Van Hung, chairman of PVI’s board of directors.
In addition, the two sides will jointly develop and promote cash transfer services via their networks and develop capital sources, including derivative products like options rights and swaps, Hung said.
The two sides will share investment opportunities on energy projects such as power plants, oil exploration and the development of machinery for the oil industry as well, Hung added.
Other investment projects like urban construction, trade, industrial, export or processing zones and real estate will also be shared by the two sides.
VIB Bank and PVI also signed a deposit contract worth 50 billion VND (3.1 million USD) the same day.
The bank currently has a charter capital of more than 1 trillion VND (62.5 million USD) and plans to increase that number to 2.5 trillion VND (156 million USD) by the end of this year, Hung said.
PVI is a member of the Viet Nam National Oil and Gas Group. As of June 10, PVI recorded a turnover of 1 billion VND (62,500 USD) or 65 percent of its yearly plan.
Source: VNA
As per the accord , the two sides will increase their market competitiveness and diversity by using each other’s strengths in specific areas, said Han Ngoc Vu, general director of VIB Bank.
The bank will provide new credit services for PVI and its clients with preferential interest rates. The services include short, medium and long-term loans, guarantees and international payments, he said.
”The comprehensive cooperation will not only help the two sides tap their partners’ strong points, but also boost their exchange of knowledge and experience on financial professionalism,” said Vu.
PVI will in turn offer an insurance programme and risky management services at a competitive cost for clients borrowing capital from VIB Bank or related projects, said Le Van Hung, chairman of PVI’s board of directors.
In addition, the two sides will jointly develop and promote cash transfer services via their networks and develop capital sources, including derivative products like options rights and swaps, Hung said.
The two sides will share investment opportunities on energy projects such as power plants, oil exploration and the development of machinery for the oil industry as well, Hung added.
Other investment projects like urban construction, trade, industrial, export or processing zones and real estate will also be shared by the two sides.
VIB Bank and PVI also signed a deposit contract worth 50 billion VND (3.1 million USD) the same day.
The bank currently has a charter capital of more than 1 trillion VND (62.5 million USD) and plans to increase that number to 2.5 trillion VND (156 million USD) by the end of this year, Hung said.
PVI is a member of the Viet Nam National Oil and Gas Group. As of June 10, PVI recorded a turnover of 1 billion VND (62,500 USD) or 65 percent of its yearly plan.
Source: VNA
Monday, June 04, 2007
PVI to auction shares
PetroVietnam Insurance Corp (PVI) will sell 10 million shares on the Ha Noi Securities Trading Centre on June 26 at an initial price of 50,000 VND (3.1 USD) a piece.
This is the second auction in a plan to sell 35.1 million shares this year to increase the company’s charter capital from 500 billion VND (31.3 million USD) to 851.4 billion VND (53.2 million USD).
Under the plan, PVI intends to auction 24.8 million shares to existing shareholders at a 2:1 ratio, and 270,100 shares to staff at a preferential price of 10,000 VND.
Source: VNA
This is the second auction in a plan to sell 35.1 million shares this year to increase the company’s charter capital from 500 billion VND (31.3 million USD) to 851.4 billion VND (53.2 million USD).
Under the plan, PVI intends to auction 24.8 million shares to existing shareholders at a 2:1 ratio, and 270,100 shares to staff at a preferential price of 10,000 VND.
Source: VNA
Friday, May 25, 2007
PVI to raise $47 mln from share sale
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
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
Tuesday, May 22, 2007
Petrovietnam Insurance plans listing in third quarter
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
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 ($46.6 million).
Source: Reuters
Tuesday, January 30, 2007
PVI provides 5 billion US$ insurance
The PetroVietnam Insurance Company (PVI) has signed a contract to provide three-year insurance service worth 5 billion US$ to Vietsovpetro, a joint venture of the Viet Nam National Oil and Gas Group (PetroVietnam) and a Russian partner.
The service will have an insurance fee of about 40mio US$.
Under the contract, PVI will cover all insurance services for Vietsovpetro's operations and properties from 2007 to 2010.
PVI and Vietsovpetro have worked together since 1996, however, the long-term contract marks a new step of development in their cooperation.
Source: VNA
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