PetroVietnam Insurance to Cut Ineffective Investment Projects
PetroVietnam Insurance Joint Stock Corp (PVI), the largest industry insurer in Vietnam, is in the process of divesting stakes in ineffective investment projects over the remaining months of 2009 and in early 2010.
PVI will sell stakes held in the projects at market price or transfer them to other partners.
The company aims to focus on insurance services as its core business and only plans to spend a small amount of capital to make long-term investments in stocks with high liquidity.
As of July 15, the insurer had made a profit of VND132 billion (US$7.4 million) and revenue of VND2 trillion up 38%.
PVI shares rose 1.9% to VND32,800 on 115,500 shares traded Wednesday, August 19. (Stock Investment)
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