Vice Chairman and several AIC BOD members register to sell over 10 million shares

Mr. Nguyen Thanh Quang, Deputy Chairman and CEO of Aviation Insurance Corporation (UPCoM: AIC), along with two members of the Board of Directors, Mr. Tran Sy Tien and Ms. Nguyen Dieu Trinh, has registered to sell over 10 million AIC shares in order to recoup their investment capital.

Statistics of trading registration of AIC’s Board members

In detail, Mr. Quang wants to sell 742 thousand shares; Mr. Tien and Mrs. Trinh both want to divest all the shares they hold, with quantities of 4.73 million shares and 4.65 million shares respectively. The expected trading period is from 30/01-28/02/2024, with a total registered selling quantity of 10.11 million shares.

If successful, Mr. Quang’s ownership will decrease from 0.92% (920 thousand shares) to 0.18% (178 thousand shares). Meanwhile, Mr. Tien and Mrs. Trinh will no longer hold any shares of AIC, or be shareholders of AIC.

In August 2023, AIC submitted a proposal to the Ministry of Finance regarding the transfer of shares to DB Insurance and Handicrafts Export Corporation, and it was approved at the end of 2023 in principle for AIC to implement the share transfer.

Prior to that, AIC’s extraordinary General Meeting of Shareholders in 2023 approved the transfer of 75 million shares to DB Insurance Co., Ltd, accounting for 75% of voting rights in AIC, from a group of shareholders consisting of 19 individuals and 1 organization, without conducting a public tender offer.

Among the group of shareholders, Vice Chairman of the Board of Directors – Mr. Nguyen Thanh Quang agreed to transfer 742 thousand shares of AIC out of the total ownership of 920 thousand shares, equivalent to 0.7% of shares; Board Members Mr. Tran Sy Tien and Mrs. Nguyen Dieu Trinh decided to transfer all the shares they held in AIC, with quantities of over 4.7 million shares and 4.6 million shares respectively, equivalent to 4.7% and 4.6%. Up until now, there is information about the registered sale of shares as mentioned above.

In addition, the aforementioned shareholder group also includes former Board Member – Mr. Nguyen Ngoc Nghi, who agreed to transfer all of his over 2.4 million shares, equivalent to 2.4% of shares.

* DB Insurance and Handicrafts Export Corporation are allowed to accept the transfer of AIC shares

As of January 16, 2024, Handicrafts Export Corporation has completed the purchase of 11.55 million shares of AIC, equivalent to 11.55% of charter capital. Therefore, the possibility that the transactions of the 3 aforementioned Board Members are related to DB Insurance is not ruled out.

In the stock market, the liquidity of AIC shares spiked to over 75 million shares on January 31.

Price movement of AIC shares since the beginning of 2024

In terms of business performance, in 2023, AIC achieved a net profit of nearly 31 billion VND, a 47% increase compared to the previous year and surpassing the set target by 27%.

Kha Nguyen

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