South Korean insurer to amass 75 per cent stake of VNI

Vietnam Nationwide Aviation Insurance coverage JSC (VNI) has introduced info regarding an meant main switch of shares to a South Korean insurance coverage agency together with an up to date agenda for the 2023 extraordinary basic assembly of shareholders.

South Korean insurer to acquire 75 per cent stake of VNI

Final week, VNI obtained a doc from a gaggle of shareholders who personal roughly 75 million shares, slightly over 75 per cent of the overall variety of voting shares of the company. The doc acknowledged that the shareholders, together with 19 particular person traders and one institutional investor, plan to switch their shares to the South Korean agency, DB Insurance coverage.

The Board of Administrators of VNI responded with a decision to incorporate the merchandise on the agenda for the 2023 extraordinary basic assembly of shareholders. The switch of shares is anticipated to be executed via order-matching or settlement on the Unlisted Public Firm Market. The implementation interval is from the primary quarter of this 12 months till the completion of the transaction.

If the deal is profitable, DB Insurance coverage will change into the guardian firm of VNI, proudly owning 75 per cent of its constitution capital, changing into the controlling shareholder of the non-life insurer.

VNI was established in 2008 with the founding shareholders together with Vietnam Airways, Vietnam Nationwide Coal and Mineral Industries Group, Vietnam Equipment Set up Company, Hanoi Common Import-Export Company, and Nam Viet JSC.

DB Insurance coverage, previously Hankook Vehicle Insurance coverage, is headquartered in Seoul, South Korea and was established in 1963. The corporate presents automotive insurance coverage, long-term casualty insurance coverage, property insurance coverage, fireplace and marine insurance coverage, amongst different providers.

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By Celine Luu

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