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VinaCapital injects US$50 million into two private firms

11 April 2016
The Saigon Times

Fund manager VinaCapital has injected US$50 million into two private firms in Vietnam in the year to date and will find more enterprises for investment this year.

Andy Ho, chief executive officer and head of the investment department at VinaCapital, told a press conference on VinaCapital Vietnam Opportunity Fund (VOF) and new chances in HCMC last week that VinaCapital will focus on private firms and State-owned businesses that have gone public.

VOF of VinaCapital has invested US$10 million in Thai Hoa Hospital in the southern province of Dong Nai. The private hospital was established in 2008 with 200 beds to serve 300,000 people a year. According to VinaCapital, the hospital’s capacity may increase significantly this year and next thanks to cooperation programs between State-run and private hospitals as well as lax regulations on health insurance, effective from the third quarter of 2016. 

VinaCapital is investing US$40 billion in a big construction material firm in Vietnam. Andy Ho said the fund manager will provide information about this investment after the building material producer completes procedures and the amount is disbursed. 

Overall, VOF is looking for opportunities to invest in private, State-run and good listed companies this year, with capital of US$10-40 million each. It eyes leading businesses that want to find shareholders for minority stakes. 

VOF has invested in a number of companies like realty developer Novaland, soymilk manufacturer QNS, dairy firm IDP, Eximbank and jewelry company PNJ.

VinaCapital said the equitization of State-owned enterprises has created a slew of opportunities to help VOF adjust its OTC portfolios. VinaCapital invested in Vietnam’s leading dairy firm Vinamilk and has another investment in Airports Corporation of Vietnam (ACV).

VinaCapital manages three closed-end funds, VOF, VinaLand Limited (VNL) and Vietnam Infrastructure Limited (VNI), which are listed on the London Stock Exchange. VOF has net assets of over US$700 million and has shifted from the Alternative Investment Market (AIM) to the London exchange on March 30.

Meanwhile, the International Finance Corporation (IFC), the private sector arm of the World Bank, has announced that it is planning to provide US$50 million for Dragon Capital Group (DCG) to invest in corporate bonds. The money will come as a secured loan for British Virgin Islands-registered DCG, which managed assets totaling US$233 million as of the end of last year, and its Cayman Islands -registered Vietnam Debt Fund SPC (VDeF).

DCG plans to use the loan to buy bonds that are issued by medium and large firms. It will target fast-growing private or joint-stock businesses that are seeking cash for expansion or payment of old debt.
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