Japanese insurer to buy over 41 million shares of Bao Viet Holdings
Japanese insurer Sumitomo Life has registered to buy more than 41.4 million shares of local insurer insurance-finance-banking group Bao Viet Holdings (BVH).
Insurance-finance-banking group Bao Viet (BVH)'s head office in Hanoi (Photo: vietnambiz.vn)
Hanoi (VNS/VNA) - Japanese insurer Sumitomo Life has registered tobuy more than 41.4 million shares of local insurer insurance-finance-bankinggroup Bao Viet Holdings (BVH).
Sumitomo currently owns more than 122.5 million BVH shares, equivalent to 17.48percent of the total outstanding voting shares of Bao Viet Holdings.
If the transaction is successful, Sumitomo will raise its total ownership inBVH to nearly 164 million shares, equivalent to 22.09 percent of the company’scapital.
Earlier, BVH approved a private placement of more than 41 million shares to increaseits charter capital. These shares will be restricted for transfer within oneyear from the date of completion of the offering.
About 2.5 trillion VND from the proceeds will be used to increase capital forBVH’s member units, 200 billion VND to invest in information technologyinfrastructure and the rest to supplement working capital.
On the stock market, BVH has decreased sharply by 23 percent since thebeginning of this year, from 87,800 VND to 68,000 VND per share./.
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Insurance-finance-banking group Bao Viet (BVH)'s head office in Hanoi (Photo: vietnambiz.vn) 
