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Vinacomin unlikely to divest from insurance holdings

Update: September, 06/2012 - 10:24

HA NOI — Viet Nam National Coal and Mineral Industries Group's (Vinacomin) plan to auction almost 6 million insurance shares next month were unlikely to succeed after the Ministry of Finance ruled the minimum selling price must be equal to the company's book value.

Vinacomin plans to sell its 20 per cent stakes in the General Insurance Corporation of SHB-Vinacomin at a price of VND10,000 per share on the Ha Noi bourse on October 3.

Earlier this year, Vinacomin attempted to sell 5 million shares in Aviation Insurance Corp at VND10,000 each – a plan that has yet to succeed, according to Nguyen Van Bien, Vinacomin's deputy general director.-VNS

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