Bao Viet Group reports VND912 billion pre tax profit in first nine months

In the statement of Bao Viet Group's shareholders' meeting on retailing shares to its strategic shareholder-HSBC Insurance (Asia-pacific) Holding Limited on November 16, Bao Viet Group plans to issue 53,682,474 shares priced at 35,000 dong/share.

The selling price is defined basing on the closing price of BVH-coded shares at Ho Chi Minh Stock Exchange (STC) on October 22.

The group expected to earn some nearly 1.9 trillion dong from the share issuance.

After this share issuance, BVH will increase its chartered capital from 5.73 trillion dong to nearly 6.27 trillion dong, of which HSBC holds 18 percent stake.

BVH also said that the capital being raised from the share issuance is to increase finance capacity and competitive capacity and strengthen commitment of strategic shareholder in technology transfer, administration renovation and corporate management.

BVH said that HSBC is the group's unique foreign strategic shareholder with the current holding of 10.318 percent stake.

According to BVH's report, despite of hardships from economy in 2009, during the first nine months this year, the group still announced satisfactory business results with nearly 7.74 trillion dong of revenue and 912 billion dong of combined pre tax

profit.