PTI's AGM told of plans for private offering to South Korean insurer.
At the Annual General Meeting of the Post - Telecommunications Joint Stock Insurance Corporation (PTI) held on April 22, Chairman Pham Anh Tuan said that the company has been given approval by the Ministry of Finance (MoF) to conduct a private offering valued at VND300 billion ($13.9 million) to the Dongbu Insurance Co. Ltd. (Dongbu) from South Korea. Post-offering, PTI’s capital will stand at over VND800 billion ($37.07 million). Dongbu recently told PTI that it has obtained approval from South Korea’s Ministry of Finance for the investment.
The share price in the private offering has been negotiated at VND35,900 ($1.66), which is much higher than the market price of the stock on April 21, of VND15,300 ($0.71). The amount PTI will receive from sale will total VND1.07 trillion ($49.58 million).
PTI expects all legal procedures to be completed in May.
Mr. Je Kwang Park and Mr. Kang Wook Kim will sit on the Board of Management at PTI and Mr. Ki Hyun Park and Mr. Taeg Soo Bae will join its Supervisory Board.