Military Insurance approved to offer more than 259 million shares to the public

After completing the issuance, the company's charter capital will increase by VND259 billion, from VND1,726 billion to more than VND1,986 billion. MIG shares increased sharply at the beginning of the morning session on November 29.

After completing the issuance, the company's charter capital will increase by VND259 billion, from VND1,726 billion to more than VND1,986 billion. MIG shares increased sharply at the beginning of the morning session on November 29.

The State Securities Commission has just granted a certificate of registration for the public offering of additional shares to the Military Insurance Corporation (code MIG, HoSE). Accordingly, Military Insurance has registered to offer more than 25.9 million additional shares to the public.

According to the plan approved by the company's Board of Directors in June, Bao Hiem Quan plans to offer more than 25.9 million shares, equivalent to an issuance ratio of 15% of the total outstanding shares. Thus, shareholders owning 100 shares will have the right to buy 15 new shares at a price of VND10,000/share.

After completing the issuance, the company's charter capital will increase by VND259 billion, from VND1,726 billion to more than VND1,986 billion. With more than VND259 billion raised from the above issuance, the company plans to use VND100.5 billion to invest in increasing capacity and implementing strategic solutions (system investment, information technology solutions, investment in other assets and implementing strategic initiatives... to serve the stabilization and development of business operations). The remaining nearly VND159 billion will be deposited by the unit with a term of 6 months to a maximum of 24 months at banks (the deposit investment rate is expected to be at 6%/year with a term of 1 year and may fluctuate depending on the actual market situation at the time of investment).

According to the financial report for the third quarter of 2024, net revenue from insurance business activities in the quarter reached more than VND 855 billion, an increase of nearly 13%. Total expenses for insurance business activities in the third quarter increased by more than 16%, reaching over VND 772 billion. Pre-tax profit reached nearly VND 31 billion, down approximately 42% compared to the same period in 2023. Accumulated in the first 9 months of 2024, net revenue from MIC insurance business activities reached nearly VND 2,590 billion, down compared to the same period. Pre-tax profit reached over VND 207 billion, down VND 7 billion.

As of September 30, 2024, the company's total assets reached over VND 9,820 billion, an increase of 11% compared to the beginning of the year. Of which, short-term financial investments increased by 6%, worth nearly VND 3,710 billion, mainly bank deposits accounting for the majority of over VND 2,700 billion, the rest were bonds and trusts of over VND 1,000 billion at MB Bank. In terms of capital, total liabilities reached over VND 7,771 billion, an increase of 15% compared to the beginning of the year. Of which, mainly insurance reserves reached VND 4,872 billion, an increase of over 20%.

On the stock market, MIG shares are trading at around VND17,000/share, down 28% from the 2024 peak in early July. MIG shares increased sharply at the beginning of the morning session on November 29.

Source: https://baodautu.vn/bao-hiem-quan-doi-duoc-chap-thuan-chao-ban-ra-cong-chung-hon-259-trieu-co-phieu-d231277.html