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Bao Viet Holdings debuts at ceiling price
By Quoc Hung - The Saigon Times Daily
Friday,  Jun 26, 2009,10:48 (GMT+7)

Bao Viet Holdings debuts at ceiling price

By Quoc Hung - The Saigon Times Daily

Le Quang Binh (L), chairman of Bao Viet Holdings, beats the gong to mark the corporation's first trading session on the HCMC bourse - Photo: Quoc Hung
HCMC – Bao Viet Holdings on Thursday debuted on the Hochiminh Stock Exchange at the ceiling price of VND46,200 per share against the reference price of VND38,500 with over 1.5 million shares changing hands.

Vị trí đặt quảng cáoBao Viet now is among the top three stocks on the market in terms of capitalization, besides Asia Commercial Bank (ACB) and PetroVietnam Finance Corp. (PVF).

The insurer lists 573 million shares worth VND5.73 trillion in face value on the southern market under the code of BVH. However, only 8% of the company’s total shares are freely tradable while the remainder held by the Ministry of Finance with a 77.54% stake, insiders, and strategic investors are restricted on transactions. HSBC Insurance owning a 10% stake in Bao Viet is the corporation’s strategic investor.

The group now operates in life and non-life insurance, reinsurance, financial investment, fund management, banking, and real estate among others.

Chairman Le Quang Binh said that HSBC Insurance had proposed buying an additional stake of 8% to increase its ownership to 18% in Bao Viet and this would be approved within this year.

As of late May this year, the corporation’s consolidated revenue was VND4.06 trillion, increasing 6.5% from the same period last year and achieving 41.7% of the year’s plan. Its pre-tax profit was VND842 billion, exceeding 8.6% of the whole year’s plan.

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