PYN Elite Fund becomes major shareholder in Vietnam insurer MIC
PYN Elite Fund, a Finnish investment fund, said it has bought 500,000 shares of Vietnam’s Military Insurance Corporation (MIC) on March 17, raising its ownership ratio from 4.99% to 5.29%.
The transaction makes PYN Elite Fund a major shareholder in the insurer, listed on the Ho Chi Minh Stock Exchange (HoSE) as MIG.
MIG's stock price closed on March 17 at VND15,000 ($0.64), meaning the shares transferred were worth about VND7.5 billion ($319,000).
Pyn Elite Fund is currently the only major shareholder in MIC besides the parent company Military Bank (MB Bank), which holds a majority 62% stake.
PYN Elite Fund is the second biggest shareholder in MIC. Photo courtesy of the insurer.
In 2022, MIC reported after-tax profit of VND159.4 billion ($6.78 million), down 29% year-on-year. The company's gross profit from insurance activities earned VND579 billion ($24.63 million), up 17%, mainly from motor vehicle, property and personal insurance.
In April, MIC had raised its foreign ownership cap from 49% to 100% in a fresh move to seek international investment and expertise.
The insurer plans to sell a 25% stake to a foreign strategic investor, a scheme it has pursued since 2017.
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