Official transformation of the PetroVietnam Insurance Company into PetroVietnam Insurance Joint Stock Corporation

According to the equitization plan, PetroVietnam Insurance Company has been transformed into PetroVietnam Insurance Joint Stock Corporation (PVI), and is allowed to operate in the following sectors: non-life insurance (direct insurance, reinsurance) and other related services; financial investment and several other business lines.

The total charter capital of PVI is VND 500 billion, equivalent to 50 million shares. Of which, the State holds 35 million shares (70% of the charter capital). The starting price for the auction is VND 11,500 per share. The strategic investor, Vietnam National Shipping Lines (Vinalines), is entitled to purchase 3 million shares (6% of the charter capital) under preferential terms.

In the near future, four more corporations under the Ministry of Industry will proceed with equitization. The equitization roadmap for these four enterprises during the 2007–2009 period includes: Tong Cong ty Xay dung cong nghiep Viet Nam; Tong Cong ty May dong luc va May nong nghiep; Tong Cong ty May va Thiet bi cong nghiep. Tong Cong ty Thiet bi ky thuat dien will carry out equitization directly in the 2008–2009 period without changing its operating model.