Business

BIDV Insurance Co prepares initial public offering for June

BIDV Insurance Co will make an initial public offering (IPO) in June and expects to list shares before the end of the year, according to the company’s deputy director, Ton Lam Tung.
BIDV Insurance Co will make an initialpublic offering (IPO) in June and expects to list shares before the endof the year, according to the company’s deputy director, Ton Lam Tung.

Tung said the insurer would gauge potential market response and map outthe IPO as part of the overall equitisation plan of its parent company,the Bank for Investment and Development of Vietnam.

“We are carrying out steps to appraise the company’s value, a processwe expect to complete in May at the latest,” he said.

The company was also seeking a foreign strategic partner, focusing oninternationally prestigious corporations specializing in insurance orreinsurance.

“However, BIDV, the parent bank, plans to retain 75 percent of the company’s shares and offer 25 percent to the public.”

BIDV Insurance was currently the only wholly State-owned insurancecompany. It has also been a pioneer in establishing a foothold inforeign markets, particularly in Laos and Cambodia. Following the IPO,it would be lthe fifth insurance company listed on the stock market,join Bao Viet Holdings (BVH), Bao Minh Insurance Corp (BMI),PetroVietnam Insurance Corp (PVI), and Vietnam National ReinsuranceCorp (VNR).

BIDV Insurance specializes in non-life insurance, reinsurance andfinancial services and earned nearly 549 billion VND (29.2 million USD)last year, a year-on-year increase of 50 percent. Earnings from theinsurance business made up more than 73 percent of the total.

The company posted a profit of 81 billion VND (4.3 million USD) in2009, exceeding targets and the highest profit the company had seensince its inception./.
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