The Global Insurance Company (GIC), which offers non-life insurance, reinsurance and finance investment services, made its debut in Ha Noi on July 26.
The company’s shareholders include Electricity of Viet Nam (EVN), Dong A Bank (EAB), Viet Nam National Reinsurance Cooperation (Vinare), Song Da Urban and Industrial Zone Investment and Development JSC (Sudico) and Viet Nam Air Service Corporation.
To date the company has reached a revenue of nearly 150 billion VND, providing more than 50 insurance products to its clients nationwide.
Speaking at the ceremony, chairman of the board of directors, Ho Nam Thang, said the company’s charter capital is planned to reach 1,000 trillion VND (62.7 million USD) by 2010.
If it’s successful in achieving its target revenue of 300 billion VND (18.7 million USD) this year, GIC would be one of the top five leading insurance companies in the country’s non-life insurance sector.
During the launch ceremony, Electricity of Viet Nam signed a comprehensive cooperative agreement with GIC.
Under the agreement, the two sides will promote joint-venture activities and make capital contributions in order to expand and develop other multilateral businesses activities.
GIC also inked several contracts with partners such as Bao Viet group, Vietnam Air Service Corporation, Power Transmission Company 3 and others.
Source: VNA
Showing posts with label Vinare. Show all posts
Showing posts with label Vinare. Show all posts
Friday, July 27, 2007
Thursday, July 26, 2007
Vinare sets share auction on Aug 24
Vietnam's top re-insurer, National Re-Insurance Corporation (Vinare), said on Thursday it would sell 12.58 million new shares at an auction on Aug. 24 to raise at least $46.8 million.
The auction held on the over-the-counter Hanoi stock market <.HASTCI> is part of Vinare's plan to issue 40.7 million new shares this year, to more than double its registered capital to 750 billion dong from the current 343 billion dong and to expand its businesses.
A statement from the Hanoi-based company said bidding for the 12.58 million shares would start at 60,000 dong ($3.7).
Vinare chairman Trinh Quang Tuyen said in May the firm needed to invest 1.6 trillion dong ($100 million) in several projects, including the formation of new banks together with top insurer Bao Viet and Vietnam's leading IT firm FPT.
Vinare also plans to spend 200 billion dong to increase its stake in five domestic insurance firms and a joint venture late this year or early 2008, and another 200 billion dong on the formation of non-life insurance firms in 2007 and 2008.
Of the 40.7 million new shares, 27.95 million will go to the public, existing shareholders and employees. Another 12.75 million shares would be sold to Vietnamese and foreign strategic investors.
Shares in Vinare lost 1.2 percent to close at 82,000 dong ($5) on Thursday, valuing the firm at $172 million.
Vietnam's insurance sector has grown rapidly in recent years as the country's economy has boomed. Growth is expected to top 8 percent for the third year running this year.
Vinare, which used to provide the sole access to international re-insurance for Vietnamese insurers, still maintains a leading role in the sector.
Source: Reuters
The auction held on the over-the-counter Hanoi stock market <.HASTCI> is part of Vinare's plan to issue 40.7 million new shares this year, to more than double its registered capital to 750 billion dong from the current 343 billion dong and to expand its businesses.
A statement from the Hanoi-based company said bidding for the 12.58 million shares would start at 60,000 dong ($3.7).
Vinare chairman Trinh Quang Tuyen said in May the firm needed to invest 1.6 trillion dong ($100 million) in several projects, including the formation of new banks together with top insurer Bao Viet and Vietnam's leading IT firm FPT.
Vinare also plans to spend 200 billion dong to increase its stake in five domestic insurance firms and a joint venture late this year or early 2008, and another 200 billion dong on the formation of non-life insurance firms in 2007 and 2008.
Of the 40.7 million new shares, 27.95 million will go to the public, existing shareholders and employees. Another 12.75 million shares would be sold to Vietnamese and foreign strategic investors.
Shares in Vinare lost 1.2 percent to close at 82,000 dong ($5) on Thursday, valuing the firm at $172 million.
Vietnam's insurance sector has grown rapidly in recent years as the country's economy has boomed. Growth is expected to top 8 percent for the third year running this year.
Vinare, which used to provide the sole access to international re-insurance for Vietnamese insurers, still maintains a leading role in the sector.
Source: Reuters
Monday, July 16, 2007
Reinsurance company to sell shares to public
The Viet Nam National Reinsurance Company has got permission from the State Securities Commission to sell 40.7 million common shares to public.
The shares, with a face value of 10,000 VND each, will be issued in two stages.
In the first stage, 13.72 million shares will be sold to the current shareholders at the par price and 1.65 million to the company employees at the price of 15,000 VND each. Another 12.58 million stocks will be auctioned at the starting price of 60,000 VND per unit.
In the second stage, 12.75 million shares will be sold to strategic shareholders.
The Ha Noi-based company reports its chartered capital of 343 billion VND.
Source: VNA
The shares, with a face value of 10,000 VND each, will be issued in two stages.
In the first stage, 13.72 million shares will be sold to the current shareholders at the par price and 1.65 million to the company employees at the price of 15,000 VND each. Another 12.58 million stocks will be auctioned at the starting price of 60,000 VND per unit.
In the second stage, 12.75 million shares will be sold to strategic shareholders.
The Ha Noi-based company reports its chartered capital of 343 billion VND.
Source: VNA
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
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