22-Sep-2022 Intellasia |
The Saigon Times |
After getting approval from the Ministry of Finance, Tasco JSC, which lists its HUT shares on the Hanoi Stock Exchange, has announced a plan to take over Groupama Vietnam general Insurance Company.
France’s insurer Groupama Assurances Mutuelles will transfer its entire stake in Groupama Vietnam to Tasco, the local media reported.
The move will mark the real estate developer’s entry into the insurance market, part of the firm’s restructuring plan in the 2022-2027 period. The company will thus be active in infrastructure, auto service, real estate, hospitality and insurance fields.
In 2022, Tasco targets VND11.4 trillion in revenue and VND250 billion in after-tax profit, increasing by 12-fold and five-fold year-on-year, respectively.
Groupama Vietnam, a unit of Groupama Assurances Mutuelles, has operated in Vietnam since 2001.
HUT closed the session today, September 20 up, extending its winning streak for the second session.
The HCM City bourse bounced back after falling sharply last week, as the VN Index gained 13.5 points, or 1.12%, from the session earlier, at 1,218.93, with 309 winners and 120 losers.
Nearly 474 million shares worth VND11.2 trillion changed hands, down 33 percent in both volume and value against the previous session.
In the VN30 basket, 25 tickers were in positive territory, while five other stocks either fell slightly or stood at their reference prices.
Electricity firm POW finished up and took the lead by liquidity in the basket with 14.2 million shares changing hands.
Securities company VND was the most actively traded stock on bourse with a matching volume of over 16.3 million shares.
On the Hanoi bourse, the HNX-Index improved 2.65 points, or 1%, from the session earlier, at 266.91, backed by largecaps.
Category: Business, Vietnam
Article source: https://www.intellasia.net/tasco-to-take-over-groupama-vietnam-1094040