Vinare adjusts share issuance plan

Vinare adjusts share issuance plan

07/01/2008 -- 8:13 PM

Ha Noi (VNA) – The Viet Nam National Reinsurance Corporation (Vinare) has been given the go ahead by the State Securities Commission to adjust its second phase to issue shares to strategic investors.

The company will add more than 11.8 million shares left from the first phase of the additional issuance in 2007 to the second phase, during which it plans to auction 12.75 million shares to domestic and foreign strategic shareholders.

However, ownership by each foreign investor is not allowed to exceed the 25 percent cap set by the State Securities Commission.

In the share auction in late August 2007, the number of shares purchased by investors fell short of Vinare’ projected 27.92 million shares. Its strategic shareholder for this phase was Swiss Reinsurance Corporation (Swiss Re.).

Under its initial plan, Vinare will issue 40.7 million shares, worth 407 billion VND, to local and foreign investors in two phases.-Enditem
(VNagency)