(BCG) - On December 23, 2021, AAA Insurance Joint Stock Company (AAA Insurance) held an Extraordinary General Meeting of Shareholders (AGM) to declare that Bamboo Capital Joint Stock Company (BCG) and BCG Financial Joint Stock Company (BCG Financial) replaced Insurance Australia Group (IAG) as two major shareholders.
BCG now owns 79,705,315 shares and BCG Financial owns 10,822,468 shares, equivalent to 71% and 9.64% ownership.
The General Meeting of Shareholders of AAA Insurance accepted the resignation letters of Mr. Ian Samuel Lydall, Ms. Joann McLeod Lewis and Mr. Daniel Francis Coman, who were former members of the BOD. The number of BOD members for the term 2020-2025 is increased to 6 from 5. According to the Board of Directors Election Results, Mr. Nguyen Dinh Ngon holds the position of Chairman of the Board of Directors; Mr. Pham Minh Tuan, Vice Chairman of the Board of Directors; Ms. Le Thi Mai Loan and Mr. Tran Viet Hung and Mr. Stephen Charles Beatty, members of the Board of Directors.
The General Meeting of Shareholders of AAA Insurance also approved the dismissal and elected additional members of the Supervisory Board for the term 2020-2025. Accordingly, the General Meeting of Shareholders elected Mr. Dinh Hoai Chau to hold the position of the Head of the Supervisory Board, Mr. Nguyen Trung Quan and Ms. Do. Le Trinh are the members.
Speaking at the General Meeting of Shareholders, Mr. Nguyen Dinh Ngon, the new Chairman of AAA said: “Becoming a member of Bamboo Capital Group is the turning point for AAA Insurance.We will utilize the BCG ecosystem and its partners to boost profit growth, expand key business areas such as property insurance, construction insurance and bancassurance. Life insurance is also a potential development segment that AAA is aiming for in the next few years. We are also aiming to become one of the top Insurtech companies by focusing on technology investment and digitalization”
Sharing about AAA's development strategic orientations, Mr. Nguyen Dinh Ngon said that raising capital to wipe off accumulated losses and boost the financial capability for AAA is one of the crucial business objectives next year. The new BOD is also aiming to list AAA on Vietnamese Securities Market within the next 3 years.
Established in 2005, AAA is one of the major non-life insurance companies in the S-shaped country. In 2013, AAA became a member of Insurance Australia Group (IAG) – a multinational insurance company headquartered in Sydney. After 16 years of development, AAA currently has 51 branches and 100 transaction offices nationwide.
After the approval of the Ministry of Finance for the acquisition of 80.64% shares of AAA Insurance Joint Stock Company, Bamboo Capital Joint Stock Company (BCG) and BCG Financial Joint Stock Company (BCG Financial) became the two largest shareholders, which is recognized as one of the most notable M&A this year. The deal also means BCG Group officially joins the Vietnamese insurance market. Financial services - insurance is the 5th strategic business unit and is expected to be the financial support for BCG's 4 other business units including Renewable energy, Real estate, Project management and Infrastructure investment, Manufacturing and trading.