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Tuesday, July 23, 2024

IPA looks to become major shareholder of PTI

The Saigon Times

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HCMC – IPA Investments Group Joint Stock Company (IPA) has registered to buy 4.2 million shares of Post-Telecommunication Joint Stock Insurance Corporation (PTI).

Transactions are scheduled to take place between May 13 and June 10. IPA currently owns no PTI shares.

Given PTI’s outstanding shares of nearly 80.4 million, if IPA acquires as sufficient PTI shares as planned, it will become a major shareholder of PTI with a 5.22% stake.

On the local market, the PTI share price has hovered around VND69,000 per share since the end of April. Therefore, IPA will spend an estimated VND289 billion to purchase the registered volume of PTI shares.

Regarding its business performance, by the end of the first quarter of this year, PTI recorded over VND1.3 trillion in revenue, up over 12% year-on-year, and VND38.2 billion in after-tax profit, plunging over 43% versus the year-ago figure.

Late last month, PTI successfully held its 2022 shareholders general meeting and passed its business plan for this year, with target revenue generated from insurance sales at VND6.3 trillion, up 7% year-on-year, and target profit after tax of VND208 billion, down 20.5% against the 2021 figure.

PTI continued to close unchanged at VND69,000, while IPA shed 9.32% to VND29,200 today, May 12.

The local stock market took a nosedive today amid negative news such as the tackling of violations in the local stock market, or the U.S. Federal Reserve raising lending rates to deal with soaring inflation.

The benchmark VN-Index of the Hochiminh Stock Exchange lost 62.69 points, or 4.82% against the previous session at 1,238.84, with only 39 stocks advancing and 424 others declining. Nearly 557 million shares valued at some VND15.7 trillion were transacted on the southern bourse, rising nearly 35% in volume and 38% in value over the session earlier.

The VN30 basket saw 11 bluechip stocks falling to their floor prices, including fuel distributor PLX, consumer goods producer MSN, brokerage SSI, or retailer VRE.

The HNX-Index of the Hanoi market also edged down 17.51 points, or 5.26% compared to the previous session at 315.52, with 31 advancers and 200 decliners.

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