German insurer increases stake in PVI

July 24, 2024 | 19:30

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German insurer HDI Global SE acquired three million shares of PVI Corporation on July 17 with plans to increase its stake later in the month.

This recent purchase has raised HDI Global ownership from just under 39 per cent to a little over 40 per cent of the total capital.

The total ownership of foreign shareholders, including HDI Global and Funderburk Lighthouse Ltd, now stands at over 123.5 million shares, equivalent to almost 53 per cent of PVI’s capital.

HDI Global has registered to buy seven million shares from July 1 to July 30, with the expectation being that it will acquire an additional four million shares by the end of July.

Conversely, a group of shareholders related to International Finance Corporation has registered to sell nine million shares from June 26 to July 25. This group includes three organisations associated with board member Tatiana Pecastaing Pierre.

PVI’s Board of Directors approved a proposal in June to seek shareholder approval for the resignation of Pecastaing Pierre, following her personal request.

PVI Corporation reported its second-quarter financial results, with consolidated pre-tax profit of just under VND343 billion ($13.72 million), an 8.4 per cent decrease on-year. After-tax profit was VND291.2 billion ($11.65 million), down 10.6 per cent. For the first half of the year, consolidated pre-tax profit was a little over VND777billion ($31 million), up 12.2 per cent, while after-tax profit was VND662.2 billion ($26.49 million), an increase of 11.4 per cent.

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By Trung Duong

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