PVI hope to boost Oman connection

January 13, 2011 | 18:30

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PetroVietnam Insurance, an affiliate of national oil and gas group PetroVietnam, is seeking to raise the holding ratio of its strategic partner Oman Investment Fund (OIF).

According to general director for PVI Bui Van Thuan, the stake ratio would be raised to 25 per cent, up from the current 12.6 per cent.

“We [PVI and OIF] are holding talks about the stake raise,” said Thuan.

This target, however, is higher than the limit allowed by the nation’s legal regulation, which indicates that the holding ratio of a strategic partner in a local insurance company must not exceed 20 per cent.

Thuan said the company was asking for special dispensation from Ministry of Finance regarding this regulation.

“Oman fund [OIF] is aware of the outstanding potential of Vietnam’s non-life insurance market and would like to invest further. Otherwise, they highly appreciated our company’s professionalism,” he added.

PVI is now Vietnam’s leading non-life insurance firm with VND4.5 trillion ($225 million) in 2010’s revenue. Dividend payment for 2010 was estimated to be 15 per cent.

By Hai Linh

vir.com.vn

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