72.8 million PRE shares were officially listed on HNX with reference price of VND 20,000/share

On the morning of December 24, 2020, 72.8 million shares of PVI Reinsurance Joint-Stock Corporation (PVI Re) with ticker “PRE” was officially listed on Hanoi Stock Exchange (HNX).

PRE is the first insurance stock listed on HNX in 2020 and the 11th insurance stock listed on the market.

With the reference price on the first trading date of VND 20,000/share, PRE's market capitalization at the opening was VND 1,456 billion. By the end of December 24th morning session, while many stocks were down, PRE stayed at the reference price of VND 20,000/share and sometimes it reached the ceiling price during the session.

Sharing at the ceremony, Mr. Nguyen Tuan Anh, Deputy General Director of Hanoi Stock Exchange (HNX), said: “The listing of PRE on stock exchange will help increase the opportunities for investors to choose stocks, at the same time, mark a new development milestone for the company and help PVI Re to be more transparent in corporate governance, which will contribute to the sustainable development of the company. HNX will be fully supportive for PVI Re with the expectation that the Company will comply with regulations on the stock market and related information”.

On the side of PVI Re, Mr. Trinh Anh Tuan, CEO of the Company, said: “The official listing of shares on HNX is an important milestone marking the business and governance growth of PVI Re.”

“Following this milestone will be a new stage of development with many opportunities to increase financial capacity, improve the governance model, as well as enhance transparency based on core values which have been built and developed by PVI Re during 10 years in the market”, Mr. Tuan said.

With the charter capital of VND 460 billion since establishment, after many times of capital increase, PVI Re currently has a chartered capital of VND 728 billion.
It is expected that by the end of 2020, the total assets of the Company will be about VND 4,600 billion, revenue will be VND 1,800 billion and especially the expected profit of PVI Re will be about VND 180 billion, exceeding 12% of the plan.

The dividend payout ratio for FY2020 is expected to be 16%. Thus, the total dividend paid by PVI Re from 2013 – the year the company equitized – to the end of 2020 of PVI Re will be 109.5%, equivalent to an average rate of 13.7%/year in cash. In 2021, the Company continues to guarantee a dividend payment in cash at 16%.

As a reinsurance company, PVI Re always complies with the regulations of the Ministry of Finance on financial safety ratios for insurance enterprises. The solvency margin of PVI Re is 3 times higher than the minimum solvency margin as prescribed.

“PVI Re commits to continue to improve service quality to deserve customers' trust. PVI Re's Board of Managements and employees together pledge to contribute great efforts to make PVI Re's shares reliable and loved by public investors. We do hope that investors will continue to support PVI Re in the coming journey, especially the company's plan to increase charter capital to VND 1,044 billion in near future”, CEO PVI Re expressed.

Source: Tinnhanhchungkhoan.vn