HCMC Bourse Gets First Insurer

At the HCM Stock Exchange, where Bao Minh gets listing

The Bao Minh Insurance Corporation on Monday became the first insurer trading equities on the Hochiminh Stock Exchange.

The HCM City-based corporation, which had earlier traded its equities on the Hanoi Securities Trading Center earlier, is the 151st stock listed on the southern bourse. Moving its listing to HCMC would help the company strengthen its brand and the stock’s liquidity, according to Bao Minh chairman and CEO Tran Vinh Duc.

Bao Minh’s stock, whose code is BMI, was traded for VND38,400 on the first day at the southern stock exchange.

The company current has VND755 billion in registered capital. The Sate holds a 50.7% stake, founders 20.1% and outsiders 29.2%. Last year, it selected French insurer AXA as its strategic investor, selling a 16.6% stake to AXA.

This year, Bao Minh targets VND1.8 billion in premium and VND136 billion in after-tax profit.

Reported by Anh Huy

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