Insurer MIC raises foreign ownership cap to 100%
Vietnam’s Military Insurance Corporation on Tuesday raised its foreign ownership cap from 49% to 100% in a fresh move to seek international investment and expertise.
The insurer, listed on the Ho Chi Minh Stock Exchange as MIC, plans to sell a 25% stake to a foreign strategic investor, a scheme it has pursued since 2017.
The logo of Military Insurance Corporation. Photo courtesy of MIC.
Chairman Uong Dong Hung told the company’s annual general meeting on Thursday that MIC and Military Bank (MB), which holds a more than 62% stake in MIC, were joining hands in searching for a strategic foreign partner. Efforts to transfer at least a 25% stake will continue, he added.
Senior Lieutenant General Le Huu Duc, MB Chairman, said some foreign investors were in talks with MIC last year, eyeing a strategic partner status, but no deals were made as prices for negotiation were lower than what MIC expected. The insurer expected at least one strategic partner this year, Duc said.
At present, an aggregate 4.23% stake in MIC belongs to foreign investors, according to Vietnam Securities Depository. The ratio is much lower in comparison to other listed insurers like PVI (58%), BIC (47%), and BVH (26.3%).
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