PJICO serves vehicle and asset insurance industry in the local market. — Photo pjico.com.vn

HA NOI (Biz Hub) — Petrolimex Insurance Company (PJICO), code PGI, will issue 20 per cent of its shares to investors to raise its charter capital to VND1 trillion (US$44.7 million), it was announced at the annual shareholders' meeting on April 21.

Without revealing the names of the investors, general director of PJICO Đào Nam Hải said the firm was working with two foreign investors who paid attention to the stake, which would account for 17.7 million shares.

After raising the capital, the dominant shares in Petrolimex will be reduced from over 51 per cent to 42.5 per cent.

Ha Noi-based PJICO, serving the vehicle and asset insurance industry, reported VND2.2 trillion in revenue last year, an increase of 5 per cent over 2014. It seeks another five per cent increase in revenues this year.

On April 21, each share rose 0.6 per cent to close at VND15,500 on the HCM Stock Exchange.— VNS