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|| Oman Investment Fund acquired 12.6% stake in Vietnamese firm for $42 million

oman-v.jpgOman Investment Fund, the investment arm of the Government of Oman, acquired a 12.6% stake of the share capital of Petrovietnam Insurance (PVI) for $42.4 million.

PVI and OIF have also entered into collaboration to co-invest in opportunities in Vietnam and globally leveraging respective strengths. This partnership enables PVI in further enhancing its investment capacity and extending its reach beyond Vietnam.

Oman fund portfolio investments are globally diversified across various sectors, including Travel & Leisure, Financial Services, Utilities, Media & Entertainment, Telecom Infrastructure, Industrial Goods & Services, Industrial Transportation and Engineering sectors. To see more investment firms like Oman Investment Fund check our investors directory. More details from their release follows:

An agreement has been signed between PVI and OIF, allowing the latter to acquire an approximate 12.6% stake of the enlarged share capital of PVI, at VND40,000 per share for a total consideration of VND808.3 billion (approximately USD42.4 million) and become the foreign strategic investor in PVI.

Following a rigorous search process for the suitable foreign strategic investor by Petrovietnam Insurance Joint Stock Corporation (“PVI”), PVI and Oman Investment Fund (“OIF”) are pleased to announce today that we have established mutual understanding and common vision of a strategic partnership. An agreement has been signed between PVI and OIF, through its subsidiary, allowing the latter to acquire an approximate 12.6% stake of the enlarged share capital of PVI, at VND40,000 per share for a total consideration of VND808.3 billion (approximately USD42.4 million) and become the foreign strategic investor in PVI. The transaction is subject to certain conditions, including required approvals.

In addition, PVI and OIF have entered into strategic collaboration, allowing both parties to co-invest in attractive opportunities in Vietnam and globally leveraging respective strengths. This strategic partnership enables PVI in further enhancing its investment capacity and extending its reach beyond Vietnam. This transaction also underlines the strong confidence of Oman Investment Fund in the outlook of Vietnam and in the company.

Petrovietnam Insurance Joint Stock Corporation was founded in 1996 as a wholly-owned subsidiary of the Petrovietnam Group, equitised in 2006 and listed on Hanoi Stock Exchange in August 2007. As of 2009, PVI has successfully achieved total turnover of VND3,566 billion, representing 118.6% of its target and a compounded average annual growth rate of Gross Premium Written of 37% since 1996, the highest in the Vietnamese insurance sector. Total capital and total assets reached VND2,427 billion and VND5,922 billion, increasing 100 times and 175 times respectively after 14 years of operations. PVI is currently the second largest Vietnamese non-life insurance company in terms of direct insurance premiums, with a market share of 21.6% in 3Q2009 across all insurance lines. In addition, it has 100% market share of Energy Insurance and is a clear market leader in Marine Insurance.

Oman Investment Fund is a wholly owned Investment arm of the Government of Oman. Oman Investment Fund was established in 2006, under Royal Decree No:14/2006. OIF is an evergreen investment vehicle, with the objective of building a diversified direct investment portfolio including Private Equity and Real Estate assets. OIF’s portfolio investments are globally diversified across various sectors, including Travel & Leisure, Financial Services, Utilities, Media & Entertainment, Telecom Infrastructure, Industrial Goods & Services, Industrial Transportation and Engineering sectors.

N.M. Rothschild & Sons, Horizon Capital Advisers and Petrovietnam Securities Incorporated acted as joint financial advisers to PVI on this transaction.




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