Mipec reduced its ownership in Military Insurance

2 min read

Mipec sold more than 1.2 million MIG shares out of the 3 million registered shares, thereby reducing its ownership in MIC to 3.3%.

Mipec giảm tỷ lệ sở tại Bảo hiểm Quân đội - Ảnh 1.
Military insurance. (Artwork: MIC).

Recently, Military Petrochemical Joint Stock Company (Mipec) said that it has finished selling more than 1.2 million MIG shares of Military Insurance Corporation (MIC) from March 10 to March 22 by matching order.

Thereby, the number of MIG shares that Mipec holds down to nearly 4.3 million units, equivalent to 3.3% ownership.

Previously, Mipec registered to sell up to 3 million shares of MIG, however, because the price did not meet the expectation, the company did not perform all.

During the period above, MIG’s stock price fluctuated around 17,500 dong / share. With this price estimate, Mipec has earned more than 21 billion after the transaction.

At the end of 7/4 session, MIG’s market price reached 17,200 VND / share, up 7.5% compared to the beginning of this year.

Mipec giảm tỷ lệ sở tại Bảo hiểm Quân đội - Ảnh 2.
MIG stock price movements recently. (Photo: TradingView).

Currently, Mr. Du Cao Son, a member of the MIC Board of Directors also holds the position of legal representative of Mipec. Mr. Son is holding 76,000 shares of MIG.

Regarding business results, at the end of 2020, MIC’s pre-tax profit reached 242 billion VND, an increase of 37% compared to 2019. Return on equity (ROE) reached 13%.

Original insurance revenue in the year reached 3,157 billion Dong, up 26%. This is the first time the company’s revenue has reached 3,000 billion dong after 13 years. Claim rate in the past year was at 32%. Operating expenses ratio decreased by 2.5% compared to 2019.

In addition, the company also said it will continue to maintain the dividend payout ratio for 2020 at 10%.

In 2021, MIC sets a target for original insurance sales to reach VND 5,050 billion, and pre-tax profit to reach VND 360 billion.

Source: vietnambiz.vn – Translated by fintel.vn