Vietnam insurer to sell shares to foreign strategic investorsApril 8 2015 by InsuranceAsia News Staff
The Bank for Investment and Development of Vietnam Insurance Co (BIC), the insurance arm of Hanoi-based BIDV, plans to sell up to 41 million new shares to foreign strategic investors, the Vietnam News reported on 7 April, citing a company note to shareholders.
The offer price for the share issue has not been disclosed yet but BIC said it would use the capital that will be raised to supplement working capital, develop its network and IT infrastructure, and expand financial investments.
The company would also open two seats on its managing board for these investors, the BIC said. The insurer has been in talks with partners from South Korea, the European Union and North America to find strategic investors, the report said.
BIDV is Vietnam’s second-biggest partly private lender in terms of assets. BIC shareholders are set to meet for the annual shareholders’ meeting on 20 April, and company is also expected to pay 2014 cash dividends of 10% to shareholders on 24 April.
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