Business Briefs 18 November 2019

18-Nov-2019 Intellasia | | 8:35 AM Print This Post

* FWD Group has confirmed its purchase of Vietcombank-Card if Life Insurance, a joint venture between Vietcombank and BNP Paribas Cardif. The group and Vietcombank has entered into an exclusive 15 year bancassurance partnership, allowing the bank to distribute FWD life insurance products across its current network of 552 branches and transaction offices throughout Vietnam.

* VPBank (VPB) will sell 31 million treasury shares to current employees in 2019, which have a total value of VND310 billion. The shares will be taken from VPB’s total 123 million treasury shares under the employee stock ownership plan. Some 30% of the shares will be restricted from trading for one year, 35% will be available for trading after two years and shareholders will be able to trade the remainder after three years.

* Property group Novaland (NVL) has decided to issue 18.6 million shares for employees, or 2% of its total outstanding volume, within the last quarter of 2019. Of the figure, nearly 809,000 shares will be available for trading and 17.8 million shares will be restricted from transfer within one year.

* Dong Phu Rubber Company (DPR) said its gross profit sank 40.9% year-on-year to over VND159 billion in the January-October of this year, meeting 69.3% of the full-year target. Of the amount, DPR made a profit of VND13 billion from rubber business and production. Its revenue also decreased 15.2% to VND577 billion between January and October, meeting 79.2% of the- entire year’s goal.

* Gia Lai Hydropower Company (GHC) will spend VND41 billion paying a second dividend of VND2,000 per share for 2018 on the record date of November 20 The company will make the payment on December 10.

* Military Insurance Corporation (MIC) said its net profit skyrocketed by 5.2-fold year-on year to VND27 billion in the third quarter of this year. Its revenue rose 1.7% to VND413 billion in the period. MIC has filed for listing on the Hochiminh Stock Exchange. The company is now trading 130 million shares on the market for unlisted public enterprises, or UPCoM.

 


Category: Business, Vietnam

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