Samsung Fire & Marine buys 20% of Vietnamese insurerMay 9 2017 by InsuranceAsia News Staff
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.
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