PetroVietnam Insurance offshoot inks deal with OIF

PetroVietnam Insurance Joint Stock Corp (PVI) yesterday May 20 signed a strategic cooperation agreement with Oman Investment Fund (OIF).

According to PVI, after negotiation, on April 15, 2010 PVI officially announced that OIF has become PVI’s strategic investor whereby OIF will hold 20,207,500 PVI-coded shares or 12.6 percent stake worth 1.6 trillion dong.

PVI will offer new shares for OIF after selling 36,242,500 shares to the existing shareholders at the ratio of 20:7 (seven new shares for 20 old shares) priced at 10,000 dong per share.
As planned, PVI will sell shares priced at 40,000 dong per share for OIF with the total value of 808.3 billion dong ($42.4 million).

Reportedly, OIF is also a founding shareholder of Vietnam-Oman Investment Joint Stock Co in November 2008 with the initial pledged capital of $100 million. This joint venture specialises in investment in real estate, consumer goods, hotel, tourism, infrastructure and energy.

In Q1, PVI gained over 98 billion dong of pre tax profit, growing 24.7 percent against the same period last year and achieving 29.7 percent of this year’s target.

PVI

Tags: Oman Investment Fund, PetroVietnam Insurance, Vietnam insurance, Vietnam insurance industry, Vietnam insurance market