Vice chairman of Vietnam insurer PTI resigns

Vietnam insurance company PTI has received resignation letters from board members Kim Kang Wook, Bui Van Toi, and Park Han Woong.

The resignation letters, which were sent on June 8, will be submitted ahead of PTI's 2023 annual general meeting of shareholders at the end of June 2023, the company has announced.

Kim Kang Wook, vice chairman of PTI, has represented the capital contribution of DB Insurance Co., Ltd (DBI) at PTI since the company bought a 37.23% stake of PTI in 2015.

DB Insurance Co., Ltd is one of five largest insurance companies in South Korea, along with other famous names like Samsung Fire & Marine Insurance, Hyundai Marine & Fire Insurance, Meritz, and KB Insurance.

On June 13, 2023, a group of shareholders of Sai Gon-Ha Noi Insurance Corporation (BSH) signed a contract to transfer a 75% stake to DB Insurance Co., Ltd.

The transaction is expected to take place by the order matching and/or agreement method through the unlisted public company market UPCoM after receiving approval from the Ministry of Finance and relevant state management agencies.

In the first quarter of this year, PTI reported net revenue of VND1.1 trillion ($46.75 million) and after-tax profit of VND41.2 billion ($1.75 million), both up 8% year-on-year, according to the company's consolidated Q1 financial statement.

As of March 31, 2023, PTI's total assets had stood at VND8.8 trillion ($373.8 million), up 5% compared to the beginning of the year, of which short-term assets had decreased by 14% to VND6.43 trillion ($273.3 million).

On the Hanoi Stock Exchange (HNX), PTI finished at VND35,700 ($1.52) per unit at Tuesday's close.