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Insurance giant to list in HCMC
Bao Viet Insurance & Finance Group, 10 percent owned by HSBC Holdings Plc, said it may list on the country’s main exchange as early as next month after the nation’s benchmark stock index rebounded from a four-year low.
Vietnam’s biggest insurer, also known as Bao Viet Holdings, will list about 573 million shares on the Ho Chi Minh Stock Exchange, according to a statement on the bourse’s website.
The Hanoi-based company, which delayed a stock sale last year because the market slumped, aims to list “as soon as possible, hopefully in June,” General Director Nguyen Thi Phuc Lam said in a telephone interview Tuesday.
The company did not disclose how much money it plans to raise in the share sale. HSBC bought a 10 percent stake in Bao Viet Holdings in 2007 for US$255 million.
The benchmark VN-Index, which dropped 66 percent in 2008, has gained more than 80 percent since reaching a four-year low on February 24 this year.
The insurer submitted a listing application to the exchange Monday, according to the statement. Companies typically hold an initial public offering first, and list the shares at a later date.
Bao Viet Holdings is targeting profit to rise this year to VND507 billion ($28.5 million) from VND494 billion in 2008.
thanhnien, bloomberg
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