The Oman Investment Fund has become aforeign strategic partner of PetroVietnam Insurance Co (PVI).
The fund’s subsidiary Funderburk Lighthouse Ltd has acquired over 20million shares in PVI, worth a total of 808.3 billion VND (42.3 millionUSD) and representing approximately 12.6 percent of the insurancecompany’s equity.
The acquisition was part of an issue of over 56.4 million additionalshare by the PVI, over 36.2 million shares of which were offered toexisting shareholders at a ratio of 20:7.
The Oman Investment Fund, established in 2006, is the sovereign wealthfund of Oman and invests globally in a diversified portfolioincluding private equity, finance services, real estate and otherstrategic projects.
“The strategic partnership with the fund, owned by a country hatpromotes petroleum exploration such as Oman , will enable the PVI toextend its reach,” said PVI’s director of planning and businessdevelopment Do Tan Binh.
Thee two partners would have many opportunities for futurecooperation, Binh said, revealing that the PVI plans to establish a lifeinsurance company in the near future.
The PVI currently dominates the domestic market in energy and marineinsurance. It is also the second largest Vietnamese non-life insurancecompany in terms of direct premiums, with a market share of over 20percent.
Last week, the insurance company also signed a memorandum ofunderstanding with the Vietnam-Russia joint venture Vietsovpetro toprovide insurance for Vietsovpetro assets worth up to 6 billion USD,with the potential to add another 4 billion USD on new Vietsovpetroproject.
The PVI posted a profit of 220 billion VND (11.6 million USD) in 2009,an increase of 28.13 percent over the previous year, and projects aprofit this year of 330 billion VND (17.4 million USD). It also plans toincrease its charter capital this year from around 1 trillion VND (52.6million USD) to 1.6 trillion VND (84.2 million USD)/.
The fund’s subsidiary Funderburk Lighthouse Ltd has acquired over 20million shares in PVI, worth a total of 808.3 billion VND (42.3 millionUSD) and representing approximately 12.6 percent of the insurancecompany’s equity.
The acquisition was part of an issue of over 56.4 million additionalshare by the PVI, over 36.2 million shares of which were offered toexisting shareholders at a ratio of 20:7.
The Oman Investment Fund, established in 2006, is the sovereign wealthfund of Oman and invests globally in a diversified portfolioincluding private equity, finance services, real estate and otherstrategic projects.
“The strategic partnership with the fund, owned by a country hatpromotes petroleum exploration such as Oman , will enable the PVI toextend its reach,” said PVI’s director of planning and businessdevelopment Do Tan Binh.
Thee two partners would have many opportunities for futurecooperation, Binh said, revealing that the PVI plans to establish a lifeinsurance company in the near future.
The PVI currently dominates the domestic market in energy and marineinsurance. It is also the second largest Vietnamese non-life insurancecompany in terms of direct premiums, with a market share of over 20percent.
Last week, the insurance company also signed a memorandum ofunderstanding with the Vietnam-Russia joint venture Vietsovpetro toprovide insurance for Vietsovpetro assets worth up to 6 billion USD,with the potential to add another 4 billion USD on new Vietsovpetroproject.
The PVI posted a profit of 220 billion VND (11.6 million USD) in 2009,an increase of 28.13 percent over the previous year, and projects aprofit this year of 330 billion VND (17.4 million USD). It also plans toincrease its charter capital this year from around 1 trillion VND (52.6million USD) to 1.6 trillion VND (84.2 million USD)/.
