Japanese insurer to buy over 41 million shares of Bảo Việt Holdings

Japanese insurer to buy over 41 million shares of Bảo Việt Holdings

HÀ NỘI — Japanese insurer Sumitomo Life has registered to buy more than  四 一. 四 million shares of local insurer insurance-finance-banking group Bảo Việt Holdings (BVH).

Sumitomo currently owns more than  一 二 二. 五 million BVH shares, equivalent to  一 七. 四 八 per cent of the total outstanding voting shares of Bảo Việt Holdings.

If the transaction is successful, Sumitomo will raise its total ownership in BVH to nearly  一 六 四 million shares, equivalent to  二 二.0 九 per cent of the company’s capital.

Earlier, BVH approved a private placement of more than  四 一 million shares to increase its charter capital. These shares will be restricted for transfer within one year from the date of completion of the offering.

About VNĐ 二. 五 trillion from the proceeds will be used to increase capital for BVH’s member units, VNĐ 二00 billion to invest in information technology infrastructure and the rest to supplement working capital.

On the stock market, BVH has decreased sharply by  二 三 per cent since the beginning of this year, from VNĐ 八 七, 八00 to VNĐ 六 八,000 per share. — VNS