Firstland, a company from Hong Kong has bought 4.25 million shares of the Bao Minh Insurance Group to become the second largest foreign shareholder of this group.
According to the Ho Chi Minh City Stock Exchange (HOSE), on January 23, Firstland Co. Ltd completed transactions to buy over 4.25 million shares of the Bao Minh Joint Stock Corporation (Share code: BMI). After the transactions, Firstland becomes a major shareholder of Bao Minh, with 5.63 percent of shares.
Thus, Bao Minh has two major foreign shareholders – AXA, a French finance and insurance group with 16.65 percent of shares and Firstland - a private company specializing in securities investment, based in Hong Kong and was founded 28 years ago.
At the same time, Vietnam Airlines - in the process of divesting from non-core business field - also registered to sell more than 4.25 million shares of Bao Minh in the form of negotiation.
Vietnam Airlines has not announced the result of transactions, but in the session on January 23, more than 4.25 million shares of Bao Minh were traded in the form of agreement, worth more than VND57.8 billion ($2.3 million).
Bao Minh has not published its financial statements in 2013 but in the January-September period of 2013, this group earned more than VND24 billion of profit ($1.2 million), a strong improvement compared with a loss of VND18 billion in the same period of 2012.