South Korean group buys 75% stake in Aviation Insurance JSC
A group of shareholders signed a contract to transfer a 75% stake in the Aviation Insurance JSC (AIC) to South Korea’s DB Insurance last week.
The deal is expected to be made by order matching and/or a put-through agreement via the unlisted public company market (UPCoM) from the first quarter of 2023 until the transaction is completed.
According to unusual information AIC reported to the State Securities Commission and the Hanoi Stock Exchange on February 22, the group of 20 shareholders, including 19 individuals and one organization, proposed the company’s board of directors to include their share transfer plan on the agenda of an extraordinary general meeting of shareholders slated for February 27 for approval.
They also proposed allowing DB Insurance to receive the AIC share transfer without a public offering.

South Korea's DB Insurance has signed a contract to buy a 75% stake in Aviation Insurance JSC. Photo courtesy of Vietnam Natonal Aviation Insurance Corporation.
On the same day, DB Insurance said it is carrying out the acquisition of a 75% of stake in AIC - the 10th largest insurance company in Vietnam.
DB Insurance considers AIC a valuable addition to its portfolio, especially as the company has a widespread sales network and a significant market share in the auto insurance sector.
AIC was established in 2008 with initial charter capital of VND500 billion ($31.3 million under the then exchange rate). The first founding shareholders were Vietnam Airlines Corporation, state-run mining group Vinacomin, Vietnam Machinery Erection Corporation (Lilama), Hanoi General Export Import JSC (Geleximco), and Nam Viet International Development JSC (Navico).
In the 2014-2015 period, this group of investors contacted T&T Group to buy AIC shares and has maintained their ownership ratio until now.
DB Insurance has long been interested in the Vietnamese market. In 2015, the group bought 30 million shares in the Post and Telecommunication Insurance JSC (PTI), or 37%.
Despite ambitions to buy a majority stake in PTI, DB Insurance succumbed to top Vietnamese broker VnDirect Securities in an auction for 18.2 million PTI shares in mid-December 2021, leaving it with a minority stake.
On the UPCoM, AIC closed the Friday session at VND11,500 ($0.48).
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