On the morning of August 8, 2023, the Vietnam National Reinsurance Corporation (VINARE) held an extraordinary annual general meeting of shareholders to approve the plan for issuing shares to pay dividends for 2022.
During the conference, the shareholders unanimously approved the proposal to issue shares for dividend payment at a rate of 10%, which means one new share for every ten existing shares. With over 150.7 million shares in circulation, VINARE is projected to issue an additional 15.07 million shares. The total value is expected to exceed VND150.7 billion, thereby increasing the registered capital to around VND1.658 trillion. The funding source is to be drawn from undistributed after-tax profits as of December 31, 2022, based on the audited financial report of the year 2022. The issuance is anticipated in the third and fourth quarters of 2023, subject to approval by the relevant state regulatory authorities. All newly issued shares by VINARE will be registered at the Vietnam Securities Depository Center and listed for trading on the Hanoi Stock Exchange.
Speaking at the meeting, Chairman of the Board of Directors Nguyen Anh Tuan reaffirmed VINARE’s commitment to dividend payment in shares as a crucial strategy to enhance the company’s financial capacity. The increase in registered capital aims to ensure compliance with the progressively stringent requirements and conditions for core reinsurance business activities, thereby strengthening the corporation’s financial capacity and expanding its core business. This initiative is designed to align with the evolving trends in the insurance sector, enhance the liquidity of VNR shares, and elevate the brand and image of VINARE.
Chairman Nguyen Anh Tuan further pledged that the Board of Directors would continue to collaborate closely with shareholders, deepen and broaden relationships with domestic and international partners, engage profoundly in governance, and provide guidance and support to the Board of Management in successfully achieving the objectives set for 2023. These endeavors collectively aim to ensure VINARE’s sustainable growth, safeguarding the interests of all stakeholders and employees involved.