Oman fund pays $42.4m for Petrovietnam?s stake
23 Apr 2010
(MENAFN) A statement issued by Oman Investment Fund said that it has paid $42.4 million to acquire a 12.6 percent stake in Petrovietnam Insurance Co, the insurance arm of Vietnam’s state oil and gas group, Reuters reported.
The deal makes the state-owned Oman Investment Fund a strategic investor in the Hanoi-based insurance firm. It also allows Petrovietnam and the fund co-invest in Vietnam and globally leveraging respective strengths, the statement said.
Petrovietnam reported that its gross profit in the first quarter of 2010 grew 24.7 percent from the same period in 2009 to $5.2 million. The firm has a 100 percent share in the energy insurance market, and it expects its 2010 gross profit to grow 50 percent from last year.
It is worth mentioning that Petrovietnam is Vietnam’s second-largest non-life insurance firm in terms of direct insurance premiums.
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