PetroVietnam Insurance to sell over 20m shares to foreign partners

VNStockNews.com - PetroVietnam Insurance Joint Stock Corp (coded PVI) planned to select joint ventures of Rothschild & Sons, Horizon Capital Adviser and PetroVietnam Securities Joint Stock Co (PSI) as the financial consultants for offering 20,207,500 shares to the foreign, strategic investors.

It's expected that the offered price will be no less than the average price of PVI-coded shares in the seven consecutive transaction sessions before the date that the corporation finish its negotiation with the partners.

This is part of the company's plan of issuing total amount of 56.45 million shares in order to increase the chartered capital from 1.035 trillion dong to 1.6 trillion dong in next Q1/2010.

In details, the company will offer 36,242,500 shares for existing shareholders under the ratio of 20:7 at offered price of 10,000 dong per share and over 20 million shares to foreign strategic partners.