Ha Noi (VNA) – The Viet Nam National Reinsurance Corporation (Vinare) will issue 40.7 million additional shares to local and foreign investors this year, announced Vinare deputy director Pham Cong Tu at a press conference in Ha Noi last week.
“Vinare will issue the shares in two phases by December of this year and will raise its charter capital to 750 billion VND (46.9 million USD),” said Tu.
In the first phase, Vinare will sell 27.95 million shares, of which 13.72 million will be reserved for existing shareholders at a price of 10,000 VND per share and a ratio of four new shares for every ten shares already held.
Vinare will also sell 1.65 million shares to company staff at 15,000 VND each and then auction another 12.58 million shares at the offer price of 60,000 VND via the Ha Noi Securities Trading Centre.
In the second phase, the company will sell 12.75 million shares to domestic and foreign strategic shareholders.
“Top priority will be given to domestic and foreign insurance and reinsurance companies which have strong financial capacity and commit to transfer or exchange with Vinare in such areas as IT, training and human resources development,” Tu said.
In addition, partners capable of promoting the company’s financial investments or profitability would also be considered strategic shareholders, he added.
The funds raised from the share sales would be used to enhance Vinare’s capacity to attract more clients to its reinsurance services and raise its competitiveness in the sector.
The company would also upgrade its IT systems, increase its capital contributions in affiliated companies, pump capital into new insurance enterprises and potentially invest in other sector, as well, Tu said.-Enditem
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