Pjico to Issue Shares to Scale up Capital
Petrolimex Joint-Stock Insurance Company (Pjico) under Vietnam National Petroleum Corp. will issue shares to existing shareholders on March 31, to increase chartered capital to nearly VND140 billion (US$8.9 million).
Accordingly, Pjico will issue nearly seven million ordinary shares with a par of VND10,000 a share. The total number of shares to be issued this time will figure nearly 14 million.
In case the existing shareholders do not buy all the shares, the rest will be sold to outsiders through public auction, Pjico official said.
Pjico, the first joint-stock insurance company in Vietnam, was founded in June, 1995 with the initial chartered capital of VND53 billion (US$3.4 million) which was boosted to VND70 billion (US$4.4) in April 2004.
According to Pjico officials, in an effort to meet capital demand, boosting capital will expectedly help the company maintain their third position in the non-life insurance market.
In a bid to diversify activities and minimize risks in insurance activities, Pjico is scheming to expand operations into the banking sector and set up a securities trading joint venture and a financial leasing company.
In recent years, Pjico dividends have been set at 12-15 per cent a year.
Recently, Pjico has taken part into a Vietnam-Singapore joint-venture company to build a US$100 million oil storage terminal in the central region of which Pjico holds 15 per cent.
Vneconomy
Vietnamese
