Vietnam: Insurer Pjico to sell stake to foreign investors
Source: Asia Insurance Review | Jun 2016
Pjico, one of Vietnam’s five biggest non-life insurance companies, is to sell a 20% stake to foreign investors, expecting to increase its charter capital by 40% to VND1 trillion (US$44.89 million).
The company, 51% owned by state-owned fuel trader Petrolimex, would issue more than 17.7 million shares for this purpose by the end of June, according to local news reports. The prospective foreign investors were not named.
Pjico reported a revenue of more than VND2.23 trillion (US$100 million) last year, up 5.1% from 2014. For 2016, Pjico targets stability instead of fast growth, expecting an increase in revenue of 5% to VND2.34 trillion.
Vietnam’s non-life insurance market grew by 17.2% last year to over VND32 trillion, figures from the Ministry of Finance showed.