South Korean insurer to acquire 75 per cent stake of VNI

February 27, 2023 | 18:49

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Vietnam National Aviation Insurance JSC (VNI) has announced information concerning an intended major transfer of shares to a South Korean insurance firm along with an updated agenda for the 2023 extraordinary general meeting of shareholders.

South Korean insurer to acquire 75 per cent stake of VNI

Last week, VNI received a document from a group of shareholders who own approximately 75 million shares, a little over 75 per cent of the total number of voting shares of the corporation. The document stated that the shareholders, including 19 individual investors and one institutional investor, plan to transfer their shares to the South Korean firm, DB Insurance.

The Board of Directors of VNI responded with a resolution to include the item on the agenda for the 2023 extraordinary general meeting of shareholders. The transfer of shares is expected to be done through order-matching or agreement on the Unlisted Public Company Market. The implementation period is from the first quarter of this year until the completion of the transaction.

If the deal is successful, DB Insurance will become the parent company of VNI, owning 75 per cent of its charter capital, becoming the controlling shareholder of the non-life insurer.

VNI was established in 2008 with the founding shareholders including Vietnam Airlines, Vietnam National Coal and Mineral Industries Group, Vietnam Machinery Installation Corporation, Hanoi General Import-Export Corporation, and Nam Viet JSC.

DB Insurance, formerly Hankook Automobile Insurance, is headquartered in Seoul, South Korea and was established in 1963. The company offers automotive insurance, long-term casualty insurance, property insurance, fire and marine insurance, among other services.

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