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Bao Viet insurer waits to list on exchange
The biggest local insurer, Bao Viet Corporation, has announced it will delay listing shares on stock exchange until 2009.
According to the latest report posted on Bao Viet’s official website, about 99 percent of a total of 2,058 investors were in support of the decision to delay.
Detailed information about the delay would be publicized in the next few days, said an anonymous Bao Viet official.
The insurer may have delayed listing shares this year, due to needing more preparation time along with concerns about the current state of the stock market, said securities experts.
In addition, Bao Viet Insurance was considered a big firm. This meant its share offering in an official bourse would have a certain impact on investors, as well as the development of the stock market. The four remaining months of this were not long enough to ensure that Bao Viet gets the best results from listing, securities experts said.
The corporation was formerly known as Vietnam Insurance Corporation and has been officially renamed, Bao Viet Insurance. The corporation started isgsuing OTC shares already on July 10, 2007.
When it became an equitised firm, the total assets of the corporation were worth 27.35 trillion VND (1.66 billion USD). State capital in this corporation was 4.44 trillion VND.
VNA
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