PVI HOLDINGS - 12:00
- Thursday, 04/07/2024
Germany-headquartered HDI Global SE has unveiled a plan to increase its ownership in leading Vietnamese non-life insurer PVI Holdings to 41.9% from the current 38.93%, while the International Finance Corporation (IFC) plans less exposure.
HDI Global SE (HDI), which already owns 91.18 million shares of PVI Holdings, listed on the Hanoi Stock Exchange as PVI, has registered to buy in another 7 million shares in the Hanoi-based insurance firm between July 1 and 31.
The transactions will be made via order matching and/or put through.
PVI shares closed down 1.74% at VND56,500 ($2.22) apiece on Friday. At this price, HDI will have to disburse some VND395 billion ($15.5 million) on the share purchase plan.
PVI's head office building in Hanoi, Vietnam. Photo courtesy of the firm.The plan comes after a high-ranking delegation of HDI and its parent firm The Talanx Group visited PVI's headquarters in January this year with a promise to provide comprehensive support for the latter.
Meanwhile, the IFC, the private sector arm of the World Bank Group, and two affiliated funds have registered to sell a combined 9 million PVI shares, cutting their combined holding in PVI to 5.05 million shares, or a 2.16% stake, from the current 6%.
In August 2021, the IFC and its two funds bought a combined 6.29% stake in PVI from HDI. The two sides entered a strategic partnership to foster PVI's footing in Vietnam and Southeast Asia.
Besides HDI and the IFC, PVI has another foreign major shareholder, Funderburk Lighthouse Limited, which now holds a 12.61% stake.
The IFC in May divested its entire 8.2% stake in Hanoi-headquartered ABBank after a 14-year strategic partnership.
Source: The investor magazine
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PVI Holdings published this content on 04 July 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 July 2024 09:45:03 UTC.
