Samsung Fire & Marine Insurance has agreed to acquire 20% stake in Vietnam-based insurer PJICO.

The Korean insurer will acquire the stake from PJICO’s parent, Vietnam’s largest petrol dealer Petrolimex, and from other existing shareholders, for about Vnd532 billion (US$23.4 million).

In a statement, PJICO Chief Executive Dao Nam Hai said the strategic partnership with Samsung Fire & Marine

Insurance is poised to create a significant driving force for PJICO’s growth and business performance within the next five years and beyond.

Samsung Fire & Marine Insurance is required to hold the shares over a period of five years.

PJICO is listed on the Ho Chi Minh City Stock Exchange and reported a Vnd600 billion insurance revenue in the first quarter of this year.