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Banking & Finance

BIC seeks foreign investors

Released at: 09:00, 08/04/2015

BIC seeks foreign investors

Company has been in touch with a number of interested parties.

by Hung Nguyen

The Bank for Investment and Development of Vietnam Insurance Joint Stock Corporation (BIC) will issue a maximum 41 million additional stocks for foreign strategic shareholders. The price on offer has not been indicated but the money gained will be added to capital, increasing its network, upgrading its systems and financial investment.

BIC is also looking for two members to join its board of managers.

The finding of strategic shareholders was delayed from 2014. However, BIC has been busy actively negotiating with interested shareholders. BIC said the company has contacted various investors from Korea, the European Union and North America.

Its Annual General Meeting will be held on April 20, according to documents released by BIC.

On April 24, it will pay cash dividends in advance to shareholders at a rate of 10 per cent.

A report published by BIC in 2014 showed earnings from insurance fees amounted to VND1.116 trillion ($51.67 million), higher than the planned 11.6 per cent, as well as cumulative profit of VND138 billion ($6.38 million), an increase of 6 per cent over expectations.

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Additional stock will cause dilution in shareholder structure, i'm doubt about the possibility of finding good strategic shareholder of this company, 2 members in Board of Director mean nothing at all !