Military insurer eyes HoSE listing

Military Insurance Corporation (MIC) has filed for listing on the Ho Chi Minh Stock Exchange (HoSE).

 

The company is now trading 130 million shares on the Unlisted Public Company Market (UPCoM) as MIG.

The company’s shares gained 6.7 per cent to end Friday at VND12,700 (US$0.55) per share.

It debuted on UPCoM with 80 million shares on May 5 at VND12,130 per share.

MIG reached the highest level of VND15,100 per share on May 3, 2019.

Two major shareholders of the firm are Military Joint Stock Commercial Bank (MBBank) and MB Asset Management Co.

MBBank is holding a 68.37 per cent stake in the insurance arm, equal to nearly 89 million shares, while MB Asset Management Co has a 6.24 per cent stake.

Other shareholders include Japan Asia MB Capital, holding a 2.18 per cent stake.

In the first six months of the year, MIC recorded its pre-tax profit gained 17.5 per cent year on year to VND110.5 billion ($4.75 million).

The company targets to earn VND220 billion worth of pre-tax profit for 2019 and plans a 10 per cent dividend payout for shareholders.

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MIC 5,500 0 %
MIG 12,100 0 %

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