PJICO-SFMI a “best private placement” deal in 2017: why?

Thuy HaCong Thuong (Industry & Trade ) magazine
11:20' SA - Thứ ba, 25/07/2017

The private placement deal between PJICO and Samsung Fire & Marine Insurance Co., Ltd (SFMI) has just won the title “Best Investment & Private Placement Deal” within the framework of the ninth Vietnam M&A Forum.

PJICO’s offering of securities to SFMI ranks third in the “Best Investment & Private Placement Deals” recently announced by the Organising Board of Vietnam M&A Forum 2017. As signed, SFMI will spend some VND530 billion (US$23.3 million) purchasing and holding 17.74 million shares, equivalent to 20% of PJICO’s charter capital. It is known that the State Securities Commission of Vietnam has approved the private placement deal and that SFMI has transferred part of the deposit.

SFMI is a South Korea’s leading insurer with a global network and more than 60 years of experience in the non-life insurance industry. According to the A.M.Best rating agency, SFMI achieved the A++ financial rating and AA+ credit rating in 2016năm 2016.

Meanwhile, PJICO is one of the leading non-life insurers in Vietnam. In the first six months of 2017, PJICO achieved pretty good business results: Total direct insurance premium revenue reached VND1,210 billion ($53.2 million), up nearly 8% y/y; Income from financial activities was VND112 billion ($5.3 million), fulfilling 80% of the year target, and up 55% y/y; Pre-tax profit was VND97.2 billion ($4.3 million), reaching 70% of FY 2017 target, and up 21% y/y; Earnings per share (EPS) was VND1,120 per share; Return on equity (ROE) ratio reached nearly 9%.

Additionally, PJICO’s net loss reserves reached nearly VND1,900 billion ($83.6 million) by June 30, 2017, equivalent to 2.56 times its charter capital.

The “affair” with a region’s leading foreign partner has helped PJICO reinforce the financial strength and liquidity, as well as increase customer protection. Concurrently, it is expected that the deal would enable PJICO to make a strong breakthrough in the coming time.

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