Vietinbank Insurance Corporation announced that it expects to receive funding from Hyundai Marine & Fire Insurance Co. Ltd.
November 25, 2018
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Vietinbank Insurance Corporation announced that it has entered into a share purchase contract with new investor Hyundai Marine & Fire Insurance Co. Ltd. (KOSE:A001450) for a private placement of more than 16,666,667 common shares in a round of funding on November 26, 2018. Post-closing, the investor will hold 25% stake in the company. The transaction has been approved by the board of directors of the investor. The company has issued total of 50,000,000 shares with a capital of KRW 24,250,000,000. The transaction is expected to close on first half of 2019. The transaction was approved at the general meeting of shareholders. The issue price of shares will not be lower than the book value of the company on December 31, 2017. Shares issued to foreign investors cannot be transferred within 10 years of the completion of the transaction.
Hyundai Marine & Fire Insurance Co Ltd is a Korea-based company engaged in the non-life insurance business. The Company provides fire insurance, marine insurance, automobile insurance, guaranteed insurance, overseas accident insurance, long-term insurance and annuities, as well as pension insurance, engineering insurance, liability insurance, casualty insurance and others. In addition, it is involved in the consumer lending, building management, damage assessment, call center, education business, asset management and others.