Bao Tin Insurance attracts investors, adopts new name

The non-life Bao Tin Insurance Co has increased its charter capital from VND80 billion (US$4 million) to VND300 billion by selling stakes to three other companies, including a Taiwanese investment firm, and changed its name to the Phu Hung Assurance Corporation.

It announced the changes yesterday after selling shares at undisclosed prices to the Phu Hung Securities Corp, CXT Joint Stock Corp, An Phu Construction Company, and several others.

CXT is the Viet Nam subsidiary of Taiwan’s CXT Corporation which has a long-term track record of investment in this country, and Phu Hung Securities is listed on the Ha Noi Stock Exchange.

The HCM City-based Phu Hung Assurance Corporation (PAC) hopes to expand its services to major urban areas such as Ha Noi, Hai Phong, Da Nang, HCM City, and Can Tho, thanks to strong financial backing from its new shareholders, according to its chairman Luu Vinh Quang.

PAC offers property, liability, and personal insurance, covering marine cargo and hull, employers’ liability, and motor vehicles.

Also yesterday PAC signed strategic deals with several other companies, including the securities firm SME Holding, Vietnam Commodity Exchange, Thu Duc Housing Development Joint Stock Co, and Kien Long Commercial Joint Stock Bank.

The company hopes to sell its products to these partners as well as their customers. — VNS

Tags: Bao Tin Insurance

Posted by VBN on Mar 30 2011. Filed under Insurance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry