HDI Global SE to buy 4 million shares in PVI
HDI Global SE has registered to buy 4 million more shares of PetroVietnam Insurance (PVI) to increase its ownership in the firm.
HDI Global SE has registered to buy 4 million more shares of PetroVietnam Insurance (PVI) to increase its ownership in the firm.
HDI Global SE is currently the largest shareholder in PVI, holding 94.87 million shares, equivalent to 41.05 per cent of the company’s capital.
After the sale, HDI Global SE will increase its ownership in PVI to 42.78 per cent. The company is expected to spend VND128 billion (US$5.5 million) buying the shares.
The transaction will be carried out under the order matching method and agreement method, in the period from October 14 to November 12, 2019.
In addition to HDI Global SE, PVI also has two other major shareholders – the Viet Nam Oil and Gas Group (PVN), holding 35.47 per cent and Funderburk Lighthouse Limited, holding 11.73 per cent.
On the stock market, PVI shares have declined sharply since the middle of August this year. PVI closed Friday at VND32,000 per share, down nearly 20 per cent after two months.
In the first six months of this year, PVI earned VND3.3 trillion in revenue and VND463 billion in post-tax profit, up by 41 per cent and 89 per cent year-on-year, respectively. Earnings per share (EPS) reached VND1,733. With the results, PVI achieved 77 per cent of the profit target for the whole of 2019. — VNS
