Vietnam re-insurer mobilizes $2.7 mln from share auction
Published August 27th, 2007
The national Re-Insurance Corporation’s US$2.75 million in sales represented 6 percent of its plan to sell 12.58 million shares.
The average winning price at the auction last week was VND60,000 ($3.7), reported the Hanoi Securities Trading Center. The average price was the shares’ opening offer.
Foreign investors snapped up 280,000 shares, according to a statement by the center.
Under the original plan, Vinare expected to raise at least $46.8 million by auctioning more than 12 million shares on the Hanoi market.
The auction is part of Vinare’s plan to issue 40.7 million new shares this year in an effort to more than double its registered capital to VND750 billion from the current VND343 billion while expanding its businesses.
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