T&T Group to sell all 9.95 million shares held at Saigon – Hà Nội Insurance

BSH, formerly known as SHB – Vinacomin Insurance Joint Stock Company, was established at the end of 2008 and became a public company 2 years later. Photo BSH

HÀ NỘI The industry-real estate-finance conglomerate T&T Group has just registered to sell all 9.95 million shares held at Saigon – Hà Nội Insurance Corporation (BSH), to recoup its investment capital.

The transaction is expected to be carried out by agreement and order matching from January 9 to February 7. Based on the latest closing price of VNĐ19,400 per share, T&T Group can earn VNĐ193 billion if the deal is successful.

In the opposite direction, Việt Nam National Vegetables, Fruit and Agricultural products Corporation – Joint Stock Company (Vegetexco) has registered to buy 10.1 million shares of BSH, coded as BHI, for investment purposes. The time and method of implementation are similar to the transaction of T&T Group.

BSH, formerly known as SHB – Vinacomin Insurance Joint Stock Company, was established at the end of 2008 and became a public company two years later. This enterprise operates mainly in the field of non-life insurance with a current charter capital of VNĐ1 trillion. The company has six founding shareholders, but now only three of them still own shares, including T&T Group, Saigon-Hanoi Commercial Joint Stock Bank (SHB) and Hoa Sơn Joint Stock Company.

According to the prospectus when registering to trade on the stock exchange, T&T Group is the second largest shareholder in this enterprise with 9.95 per cent ownership. The other two major shareholders are Saigon-Hanoi Securities Joint Stock Company (9.98 per cent) and International Investment and Financial Consulting Joint Stock Company (9.83 per cent).

BSH has just been approved to trade on the UPCoM market from mid-July 2023. The reference price in the first trading session was VNĐ12,000 per share, at times it increased to nearly VNĐ28,000 per share. According to the current market price, this stock has increased 62 per cent compared to the first trading session on the stock exchange.

The market price fluctuates strongly but the liquidity of BSH shares is relatively low as each session usually matches no more than 5,000 shares. BSH had no liquidity in the last five trading sessions.

The financial report for the first nine months of 2023 recorded net revenue from insurance business activities of VNĐ1.9 trillion. In addition, the company also has VNĐ153 billion in financial revenue. After deducting expenses, BSH’s after-tax profit is about VNĐ8.6 billion. As of the end of the third quarter, the company had total assets of VNĐ3.93 trillion and liabilities of VNĐ2.7 trillion. VNS