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PVI balks at overseas listing

Update: April, 21/2012 - 08:54

HA NOI — The HCM City Stock Exchange-listed PetroVietnam Insurance Holdings (PVI) has no plans of listing shares on foreign exchanges, said the company's vice chairman Ton Thien Viet at its shareholders' meeting in the capital yesterday.

Viet said last year PVI issued shares worth 25 per cent of the company's charter capital to the global insurance service supply chain Talanx Group, increasing the foreign ownership in the company to nearly 49 per cent – the ceiling holding by foreigners in a Vietnamese company by law.

PVI reported, it earned a total revenue of more than VND5.65 trillion (US$269.3 million) in 2011, up 25 per cent year-on-year, of which insurance premium reached VND4.75 trillion ($226.2 million) and financial investments earned VND849 billion ($40.4 million).

The company also paid 15 per cent dividend on the last year's net profit of VND348 billion ($16.6 million), an increase of 17 per cent over the previous year's net profit.

This year, PVI plans to keep the dividend rate at 15 per cent on the projected pre-tax profit of VND768 billion ($36.6 million). Its total revenue is forecast to reach over VND6.45 trillion ($307.3 million) on the basis of doubling its charter capital from VND2.13 trillion ($101.4 million) to VND4.66 trillion ($222 million).

In 2011, PVI successfully transformed into the parent subsidiary company and established two subsidiaries including PVI Insurance and PVI Reinsurance. However, management remained a challenging issue that would force it to continue the restructuring process, focusing on the personnel matter, Viet said.

At the meeting, the two major foreign shareholders, Oman Investment Fund and HDI Gerling under the management of Talanx Group, nominated their two representatives to the PVI's management board. — VNS

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