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BUSINESS IN
BRIEF 2/3
GoBear
GoBear, Asia’s first and only metasearch engine for insurance and financial products, has just appointed Bao Nguyen as its new country director in gobear vietnam announces new country director Bao Nguyen has over 24 years of international experience in financial services working in various countries, including the US, South Korea, Singapore, and Vietnam. He has served in senior leadership roles at Prudential, AIA, Citibank, Samsung, Standard Chartered, and BIDV Metlife before joining GoBear. Vietnamese by birth, Bao Nguyen was raised in Fluent in English and Vietnamese, Bao Nguyen is well known not only as a charismatic leader but also as an active community supporter and an enthusiastic tennis player. On this appointment, Andre Hesselink, CEO and co-founder of GoBear, said, “The knowledge, expertise, and experience that Bao Nguyen brings to GoBear further strengthens our footprint in Vietnam and reinforces our position at the forefront of financial comparison services providers. This appointment continues to consolidate the leadership of our company and is evidence of the great career opportunities that employment with GoBear may offer." "I am a huge believer in financial inclusion, and I see unprecedented opportunities for GoBear Since the official launch in Vietnam in early December 2016 with four products —comparison of credit cards, personal loans, travel insurance, and fixed deposits—as well as educational pages for unsecured loans, GoBear Vietnam has landed over a million visitors to www.gobear.com/vn to become a trusted provider of comparison services for financial products in Vietnam. Good start for BASF in 2018 “Last year, we achieved significant growth and were able to further increase our profitability. Moreover, we laid down the important groundwork for the future development of our company—both in terms of people and strategy,” said Dr Kurt Bock, chairman of the Board of Executive Directors of BASF SE, at the presentation of the 2017 Annual Report in In the fourth quarter of 2017, BASF Group posted sales of €16.1 billion ($19.7 billion), which represents a growth of 8 per cent compared with the same quarter of 2016. Prices rose by 9 per cent. BASF’s sales volume increased by 4 per cent, driven by all segments with the exception of oil and gas. By contrast, negative currency effects were significantly higher and reduced sales by 5 per cent. Income from operations (EBIT) before special items in the fourth quarter was €1.9 billion, up 58 per cent against the same period of the prior year. The significantly higher earnings in the chemicals, agricultural solutions and oil and gas segments as well as in others compensated for lower earnings in the functional materials and solutions and performance products segments. Economic activity picked up in many countries in 2017. “We took advantage of this upturn and markedly increased our full-year 2017 sales and earnings compared with the previous year,” said Bock. Thanks to good demand, BASF sold greater volumes in all divisions and considerably increased its profitability. Higher prices, especially in the chemicals segment, also contributed to this. Overall, BASF’s sales grew by 12 per cent to €64.5 billion ($78.9 billion). One contributing factor was Chemetall business acquired at the end of 2016, which offers tailor-made solutions for metal surface treatment. BASF’s earnings rose even more sharply, by around one-third. The company achieved EBIT before special items of €8.3 billion ($10.1 billion), with a significant contribution from the chemicals segment. Higher margins and volumes in basic chemicals and intermediate businesses more than offset the lower margins in some of BASF’s specialty businesses. Earnings in the chemicals business—which comprises the chemicals, performance products, and functional materials and solutions segments—were significantly higher than in the previous year. EBIT before special items in this business was €7.3 billion (8.9 billion), up 26 per cent versus the prior year. Earnings per share increased from €4.42 to €6.62 ($5.4-8.09), equivalent to a rise of 50 per cent. Adjusted for special items and the amortisation of intangible assets, earnings per share amounted to €6.44 ($7.87), compared with the €4.83 ($5.91) in the previous year. In the past year BASF made important decisions to add fast-growing, cyclically resilient businesses to its portfolio. In 2018, the agricultural solutions segment will be strengthened with the acquisition of significant parts of Bayer’s seed and herbicide businesses. “These will be an excellent complement to our well-established and successful crop protection business and our biotechnology activities. Also, we will enter the seed business with proprietary assets in key agricultural markets, which will also allow us to more quickly implement the results of our seed research,” Bock said. BASF wants to acquire Solvay’s global polyamide business this year. This will expand BASF’s range of engineering plastics for the transportation, construction, and consumer goods industries and will strengthen its access to raw materials. Furthermore, the company expects to improve access to important growth markets in Asia and “However, we also divest businesses when we believe they could be more successful in a different constellation,” said Bock. For example, BASF transferred its business with leather chemicals to Stahl Group, a leading producer of process chemicals for leather products, at the end of September 2017. In return, BASF now holds a 16 per cent share in Stahl Group. BASF has announced fundamental changes in its oil and gas activities. It is planned that BASF and LetterOne group will merge their respective oil and gas activities in a joint venture called Wintershall DEA. The new company would be one of the largest independent exploration and production companies in 12 billion-dong loss-making projects looking at brighter prospects 
The Dung Quat Bio-Ethanol Plant of PetroVietnam Central Biofuels JSC
Dinh
Vu Polyester Plant (PVTex) resuming operations at its factory and
PetroVietnam’s restarting of its group of biofuel factories are just two of
many positive developments at the loss-making projects run by the Ministry of
Industry and Trade (MoIT).
Hoang
Quoc Vuong, Deputy Minister of MoIT, has just announced that the biofuel
factories of PetroVietnam have been restarting and will be able to sell
products in March.
Also in March, PVTex will re-open its factory after signing a sales contract. Within the second quarter of this year, PVTex will choose a foreign or domestic firm to collaborate and operate the whole factory. Nguyen Vu Truong Son, general director of PetroVietnam (the parent company of PVTex), said that after resuming operations at the polyester plant and agreeing on a method of co-operation, it will take 3-6 months to resume the operations of the whole of PVTex. Partners of PVTex want to solve technical barriers to importing polyester raw materials and ensure a stable power supply at DeepC Industrial Zone. Dung Quat Shipyard (DQS) is looking for an agency to settle and audit the EPC contract of its 104,000-tonne ship purchase. Additionally, DQS owns several high-value properties that are experiencing swift depreciation and is looking to dispose of those unnecessary for production. DAP-Vinachem (Vietnam National Chemical Group)’s Dinh Vu factory reported VND16 billion ($0.7 million) of profit in 2017 and VND66 billion ($2.9 million) in the first two months of this year. They have enhanced corporate governance and reduced costs by VND80 billion ($3.5 million) on-year in 2017. In addition to difficulties and challenges, nitrogenous fertiliser plants like Lao Cai, Ninh Binh, Ha Bac are maintaining their production and selling products at higher prices. Vietnam Steel Corporation (VNSteel), and Lao Cai Cast Iron and Steel Plant have completed the amendment of the joint venture contracts with the Chinese partner at the end of 2017. The Quy Sa mine project has produced and sold 2.58 million tonnes of ore and obtained over VND423 billion ($18.6 million) profit. If the products of Quy Sa are consumed domestically and exported as well, the mine is looking at brighter prospects. VNSteel plans to divest Thai Nguyen Iron and Steel Corporation (TISCO) and MoIT has given approval. Phuong Nam Pulp Mill factory under Vietnam Paper Corporation (Vinapaco) was auctioned off at the value of VND1.8 trillion ($79.3 million) last year and will auctioned off again at a 10-per-cent discount. If the project cannot be sold after three auctions, it should be re-valuated. At the meeting of the steering committee on handling the existing weaknesses of a number of inefficient projects and enterprises, Deputy Prime Minister Vuong Dinh Hue also stressed that the Politburo and the National Assembly confirmed not spending more money on these businesses and that they plan to treat them based on market principles. The DPM also noted that there are still difficulties, such as EPC contract disputes, project settlement issues, and working capital arrangements, that need to be overcome. N.A Motor to become strategic investor of Hapro Vietnam N.A Motor Co., Ltd. (N.A Motor), which spent VND1.25 trillion ($55.8 million) acquiring 97.7 per cent of Vietnam Motors Industry Corporation JSC (Vinamotor), will become the strategic investor of state-owned Hanoi Trade Corporation (Hapro). According to the approved equitisation plan, interested investors are permitted to buy a maximum of 65 per cent stake at a selling price not lower than the lowest winning bid at Hapro’s initial public offering (IPO). With the initial price of VND12,800 ($0.56) at the IPO, N.A Motor may spend at least VND1.83 trillion ($80.4 million) buying the offered stakes. Along with Vinamotor, N.A Motor also expressed interest in buying the assigned 36 per cent at Vietnam Engine and Agricultural Machinery Corporation (VEAM). At the time, in spite of being considered the largest initial public offering (IPO) in 2016, VEAM did not fare well on its launch, thus, N.A Motor only registered to buy the assigned 36 per cent at the price of VND10.050 ($0.45) per unit, much lower than the IPO price. However, specific information about the results of the deal has yet to be published. Established in 2005, N.A Motor specialises in distributing cars and motorbikes, selling spare parts, vehicle insurance, as well as providing vehicle maintenance and repair. The company is currently expanding its operations to the real estate sector. N.A Motor has a close relationship with BRG Group, the owner of Hilton Hanoi and BRG Kings Island Golf Resort in According to information published by the Hanoi Stock Exchange, Hapro, the owner of several golden land plots in the capital, will conduct its IPO on March 30. Accordingly, the corporation will put 75.93 million shares or 34.51 per cent of its charter capital on sale with the initial price of VND12,800 ($0.56) via an auction. Hapro expects to acquire at least VND971 billion ($42.78 million) from the IPO. VinaCapital spends $32.5 million on egg and poultry firm Ba Huan VinaCapital Vietnam Opportunity Fund (LSE: VOF), the flagship fund of VinaCapital, has injected $32.5 million in the Vietnamese producer of pasteurised eggs and poultry meat, Ba Huan JSC.
Apart
from acquiring a significant minority stake in the company, VOF said that it
may also invest moderate additional capital during the next twelve months as
the company delivers on mutually agreed milestones.
According to Andy Ho, managing director of VOF, the private equity investment is consistent with VOF’s strategy of focusing on companies operating in fast-growing sectors. “Vietnamese food and beverage companies have tremendous growth opportunities ahead as consumers spend more on high-quality, healthy products. Ba Huan is well-positioned to capitalise on these trends, and we are excited to work with them to realise their potential,” said Ho. Holding more than 30 per cent of the pasteurised egg market, Ba Huan is a popular household name in The company has implemented a fully-integrated and enclosed value chain from feed production and farming to producing fresh, safe, and clean meat, eggs, and processed foods, enabling it to fully control product quality across the value chain and allowing it to fully trace its products. In 2018, the company expects its revenue to surpass $90 million. “Ba Huan has become one of the strongest fresh food brands in According to Poultry World, egg consumption is on the rise in By 2021, the average consumption of chicken is forecast to expand to nearly 17 kilogramme per year from around 8kg in 2015, driven by urbanisation and a growing middle class with greater disposable income. Additionally, poultry production continues to be dominated by small family farms, with limited resources to scale up. Ba Huan JSC was founded in 2001, growing from a family business to become the leading supplier of pasteurised poultry eggs in the Vietnamese market. The company operates two fully enclosed industrial poultry farms, including a layer farm with over 1.5 million chickens for commercial egg production and a broiler farm with over 400,000 chickens for meat production. Each day, Ba Huan supplies over 1.7 million eggs, delivers over 15,000 chickens, and processes over 25 tonnes of fresh poultry meat. These farms are qualified for local and international food safety standards and practices, such as Hazard Analysis Critical Control Point (HACCP) and VietGap. They are also well-organised to ensure proper distance between sub-farms and equipped with semi-automated systems for feeding, watering, ventilation, and heating. Ba Huan’s products are distributed through both the general and modern trade channels, such as major grocery chains and major international fast food businesses via a comprehensive distribution network of more than 2,000 agents and points of sale throughout US opens doors wider for Vietnamese farm produce The US has opened the doors for more Vietnamese agricultural exports with the establishment of an inspection office right in the country. The US Embassy in With this office, which is considered an important step toward boosting US-Vietnamese agricultural co-operation, Vietnamese exporters and authorised In the past, in order to export fruit to the “The APHIS After analysing the potential plant pest risks, APHIS scientists will determine under whether imported products, including those from Two months ago, the first Vietnamese star-apples began to be exported to the Recently, APHIS also allowed for the importation of mango from With this, According to an expert from the Department of Crop Production under the Vietnamese Ministry of Agriculture and Rural Development, a rise in fruit exports to the “It will make it much easier for APHIS is a multifaceted agency with a broad mission area that includes protecting and promoting T&T gunning for strategic ownership in Vinafood 2 T&T Group expressed interest in buying the 125 million shares (representing 25 per cent of the charter capital) on offer to become the strategic investor of Southern Food Corporation (Vinafood 2). According to information published by Vinafood 2, despite the fact that T&T only meets two thirds of the criteria issued by Vinafood 2 to select the strategic investor, the Ministry of Agriculture and Urban Development has still submitted the application to the prime minister as T&T is the sole applicant. According to the approved equitisation plan, interested investors are permitted to buy a maximum of 125 million shares or 25 per cent stake at a selling price not lower than the lowest winning bid at Vinafood 2’s initial public offering (IPO). With the initial price of VND10,100 at the IPO, T&T may spend at least VND1.26 trillion ($55.47 million) buying the 125 million shares. Along with the share volume offered for the strategic investor, the company will put 114.83 million shares, equalling 22.97 per cent of the charter capital, on sale via a public auction with the starting price of VND10,000. Besides, it offered 4.969 million shares for employees and 200,000 shares for the corporation’s trade union. After the equitisation, the state will retain 255 million shares or 51 per cent of the charter capital. Previously, Vinafood 2 has issued the criteria to select the strategic investor. Notably, interested firms must be in operation for at least five years, with at least three years of experience in dealing with agricultural products as well as food manufacturing and processing. Furthermore, investors must have a charter capital of at least VND2.5 trillion ($110.06 million) and must have been free of accumulated loss at the end of 2016. Besides, investors must commit to restructuring Vinafood 2 to improve the manufacturing and processing of agricultural products and foodstuff. Investors will also commit to keeping the acquired shares for at least five years. As per Vinafood 2’s 2016 financial report, the company achieved net sales of VND9.95 trillion ($438 million), a year-on-year decrease of 36 per cent, and after-tax profit of VND157 billion ($7.7 million), up 15 per cent over the previous year. At the end of 2016, Vinafood 2’s accumulated losses stood at VND798 billion ($35.1 million). As of December 31, the actual value of the parent company was VND14.61 trillion ($643.2 million), of which the actual value of state capital was VND5.38 trillion ($236.8 million). T&T group operates in numerous sectors, including property, finance, industry, investing in sports and import-export trading. Besides, on February 6, 2018, T&T Group and Boskalis Group from Ninh Van Bay Travel’s losses keep mounting Ninh Van Bay Travel Real Estate JSC’s accumulated losses increased to VND480 billion ($21.1 million) due to the ineffective liquidation and transfer of two investment projects in 2017. Ninh Van Bay Travel Real Estate has just released the fourth quarter financial results which showed considerable fluctuations compared with the same period last year. Specifically, net revenue from the sales of goods and the provision of services hit VND45 billion ($1.9 million), up 17 per cent against 2016. However, financial revenue has been reduced from VND11 billion ($485 thousand) to around VND500 million ($22 thousand) due to decreasing interest income from deposits and loans. Meanwhile, financial costs have increased by 21 times to VN230 billion ($10.1 million) as the company suffered losses when transferring all of its contribution capital, loan, and interest receivables at Hai Dung Co., Ltd. However, its after-tax loss was reduced to VND177 billion ($7.8 million) as the company gets debt exemption of VND72 billion ($3.1 million). In the second quarter of 2017, the company made provisions for receivables from Tan Phu Travel JSC, which added another VND246 billion ($10.8 million) to enterprise management costs. In addition, its liquidation of two investments has created large profit fluctuations. When the company earned VND15 billion ($661 thousand) in profit in 2016, its after-tax loss amounted to VND456 billion ($20.1 million) in 2017, which is far below the year’s target of VND16.5 billion ($727,000). The company had negative undistributed earnings of VND690 billion ($30.4 million) at the end of 2017. Beside provisions for short-term receivables, the company did not cover the construction costs of an unfinished resort in Nhon Trach district of Dong Nai province after transferring the subsidiary. As a result, Ninh Van Bay’s asset value reduced by roughly VND784 billion ($34.5 million) to VND534 billion ($23.5 million) in 2017. Meanwhile, its debt declined by VND300 billion ($13.2 million) to VND144 billion ($6.3 million) thanks to the settlement of bonds issued three years ago. The company aims to restructure investment and focus on high-yield assets by making evaluations and provisions at subsidiaries. In the coming time, the company will transfer stakes at Emeralda Ninh Binh to solve its capital problems. Ninh Van Bay Travel Real Estate JSC specialises in developing and managing high-quality travel real estate resorts in In the medium and long term, the company shall develop a chain of luxury and upscale resorts in other tourism cities. However, the company recorded continuous losses and lack of capital for numerous projects during the property crisis. Ministry of Finance also refuses to help Mai Linh After being refused by the Vietnam Social Security, Mai Linh’s proposal to receive exemption from interest and late payment fees as well as to extend the deadline for its original social insurance payment was also refused by the Ministry of Finance (MoF). In early February, MoF issued an answer to the negative to Mai Linh’s proposal. Accordingly, MoF said such requests are not within the company’s legal rights. Besides, MoF also stated that there has yet to be any precedent or regulation related to the case. Furthermore, MoF proposed to refer Mai Linh’s request to the Ministry of Labour, Invalids and Social Affairs (MoLISA) and the Ministry of Health (MoH) because, according to regulations, MoLISA is in charge of social insurance and voluntary insurance issues, while MoH is in charge of health insurance-related queries. Previously, Tran Dinh Lieu, deputy general director of VSS, told Vneconomy that the Vietnam Social Security (VSS) cannot meet Mai Linh’s requirements because the proposal is not legal. VSS promised to forward the company’s request to the government and relevant agencies for consideration. Meanwhile, numerous experts claimed that it would be difficult to approve the request, saying that every year In January 2018, Mai Linh sent a document to the National Assembly Committee for Social Affairs, MoF, and VSS to report its massive accumulated outstanding debts of social insurance, health insurance, and unemployment insurance, as well as plunging revenue. According to the company, the bleak financial results were caused by the unfair competition from Uber and Grab. Thus, Mai Linh requested the National Assembly Committee for Social Affairs, MoF, and VSS to cancel the interest and the penalty on its social insurance debts and late payment fees, while simultaneously extending the deadline for its original debt payment and permit Mai Linh to pay within 20 months of 2018, with VND6 billion ($264,251) per year. Ninh Binh nitronegous fertiliser plant resumes operations in massive debt Despite resuming operations, Ninh Binh Nitronegous Fertiliser Plant faces difficulties in remaining open in the long run due to lack of capital and massive debts. According to information from Vu Van Nhan, general director of Ninh Binh Nitrogenous Fertiliser One-Member Co., Ltd., after surmounting technical problems, the plant has resumed operations on January 22, 2018 at 80 per cent of its designed capacity. Within one week (January 22-29), the plant manufactured 27,000 tonnes of urea fertiliser, 22,000 tonnes of which was bought. Nhan stated that at present, the plant is in stable operation, however, it is difficult for Ninh Binh nitrogenous fertiliser company to maintain operations on the long run because the firm lacks floating capital and suffers from massive debts. Notably, in 2017, the firm reported VND1.172 trillion ($51.5 million) in revenue, however, it still suffered a massive loss of VND933.5 billion ($41.03 million). Furthermore, as of August 2017, the company shouldered debts of VND4.502 trillion ($198.69 million) from various banks. VND3.263 trillion ($143.4 million) of this is long-term loans from VietinBank, VND1.184 ($52.04 million) from BIDV and Vietcombank, and VND55 billion in interest payments to BIDV and VietinBank. Besides, the company had to borrow from Vietnam National Coal-Mineral Industries Holding Corporation Limited (Vinacomin) VND133 billion ($5.85 million) worth of materials to maintain its operations until the end of this March. In the next short-term period, the company needs an additional VND80 billion ($3.5 million) to buy 40,000 tonnes of coal for production. At the working session with Deputy Minister of Industry and Trade Do Thang Hai, the company’s Board of Directors requested support from the government, the Ministry of Industry and Trade, as well as banks. Notably, the Board of Directors proposed MoT to guarantee a loan of VND350 billion ($15.38 million) of floating capital from banks for the company’s manufacturing and trading activities. Besides, the company proposed a three-year loan of VND200 billion ($8.79 million) to overhaul the plant this year. Hai stated that MoIT will co-operate with Vinacomin to support Ninh Binh Nitrogenous Fertiliser plant to deal with its financial and technological problems. The ministry will organise a working session with Vietnam National Chemical Group (Vinachem)—the investor of the plant—and Vinacomin to discuss Vinacomin providing 40,000 tonnes of coal in advance to ensure the plant remains in operation. However, in reality, the company will have to make some radical changes to remain on the surface at an oversupplied urea fertiliser market. Besides, with the plant’s bleak business results, banks will not be forthcoming with further loans. Petrolimex and Indian Oil officially enter race for Binh Son Refinery Petrolimex and Indian Oil have officially submitted the application to become strategic investors of Binh Son Refining and Petrochemical Co., Ltd. (BSR), according to newswire NDH. After conducting a successful IPO, BSR is selling 49 per cent to a strategic investor as part of the strategy to decrease state ownership to 43 per cent. According to a representative of the BSR board of directors, only Petrolimex and India Oil submitted applications, while the other interested investors, including Pertamina from Previously, at the roadshow to introduce investment opportunities in BSR organised on January 5 in According to the equitisation plan, BSR will list 241.4 million shares on the Unlisted Public Company Market (UpCOM). The first transaction day will be on March 1 with the reference price of VND22,400 ($0.98), according to information published by the Hanoi Stock Exchange. Previously, on January 17, BSR reported a successful initial public offering (IPO) with a complete take-up of the offered shares and the record selling price of VND14.8 million ($651.69) apiece. The average selling price was VND23,043 ($1.01), 57.8 per cent higher than the initial price. The lowest selling price was VND20,800 ($0.92). Of particular note, an individual investor succeeded in buying 10,000 shares at the record price of VND14.8 million ($651.69) apiece. BSR earned VND5.57 trillion ($245.26 million) in proceeds, 1.5 times higher than its expectations. Viglacera pours $22 million into Phu Ha Industrial Park Pouring nearly VND500 billion ($22 million) into building social housing (the first phase) and a wastewater treatment plant with a capacity of 1,250 cubic metres per day will attract more investors to Phu Ha Industrial Park. The construction of the VND480 billion ($21.1 million) social housing project at Phu Ha Industrial Park has just been kicked off to improve the quality of the IP and attract more investors. Tran Anh Tuan, director of the Viglacera Project Management Unit, said that the social housing project covers an area of 4.3-hectare in Ha Loc commune of Phu Tho town. The project is expected to provide 630 apartments, ranging from 26 to 70 square metres for 2,500 workers. The project aims to improve the living standard of the employees, ensuring their commitment to the firm, as well as attracting more investment to the IP. Viglacera committed to focusing its resources on the construction work so that the apartments can be rented as scheduled, Tuan said. “The rent is estimated at VND30,000 per sq.m, which is in conformity with the income of the workers,” revealed Tuan. Earlier, Viglacera has launched the construction of housing projects for workers in Yen Phong Industrial Zone (IZ) of Bac Ninh province and Dong Van 4 IZ in Ha The construction of Phu Ha IP was kicked off in February 2015. It has attracted $90 million from 13 firms mainly specialising in electronics and electricity production using advanced technology. These firms have created 10,000 jobs. Hoang Cong Thuy, Deputy Chairman of the Phu Tho People’s Committee, said if the entire land area in the IP was to be rented out for production activities, there would probably be 30,000 workers. Therefore, Viglacera’s project is needed to meet the demand of current and future workers. “The province will create many favourable conditions to support Viglacera in dealing with administrative procedures and management later on,” confirmed Thuy. On the same day, the corporation inaugurated a VND16 billion ($0.7-million) wastewater treatment plant in the IP, with a capacity of 1,250cu.m per day. The contractor of this work is Ecoba Environmental Technology Co., Ltd., a company with considerable experience in the field of wastewater treatment. The second phase of the plant will be launched when the number of firms in Phu Ha IP increases. Creador to invest additional $100 million in Vietnamese M&A deals After spending more than $40 million on buying into Mobile World Investment JSC (HoSE: MWG), Kuala Lumpur-based investment fund Creador will continue to invest an additional $100 million in M&A deals in Vietnam in the next three years. This was announced by Brahmal Vasudevan, CEO of Creador, at a recent interview with Dealstreetasia. Brahmal Vasudevan said that the fund is impressed with the speed of economic growth in At present, the fund is collecting capital for the $500-million investment fund named Creador IV. The collection is expected to be completed in June this year and Creador will spend 20 per cent of this capital ($100 million) on investing in M&A deals in Previously, in January, Creador completed the purchase of five million shares, or a 35 per cent stake, in MWG for $43 million from Mekong Enterprise Fund II. “With a thriving young population and rising disposable incomes, we foresee robust growth in the Vietnamese consumer sector. MWG stands out among its peers, not only because of its dominance in offline retailing, but also its market-leading position in online retailing with 16 per cent market share currently,” Creador said in a note to investors. Established in 2011, Creador is a private equity firm focused on partnering with passionate entrepreneurs to grow world-class businesses in South and The private equity firm closed its previous vehicle at $415 million in late 2016. It specialises in investing in finance, retail, F&B, pharmaceuticals, media, and business supporting services. The core geographies are PTSC to make $57 million investment aboard PetroVietnam Technical Services Corporation (PTSC), a subsidiary of PetroVietnam, will contribute $57 million to the establishment of a joint venture company with Yinson Clover Ltd. (YCL) in the Establishing the joint venture company is a clause in a contract signed between YCL and Talisman The joint venture is named PTSC Ca Rong Do Ltd. and carries a total investment capital of $111.62 million, 51 per cent from PVS and the remaining 49 per cent from YCL. Under the proposed joint venture, the two companies will jointly undertake the execution and performance of the bareboat scope of work, including the bareboat charter of the floating production storage and offloading (FPSO) under the time charter contract. Previously, in May 2017, YCL was awarded a contract from TLV for the supply, operation, and maintenance of a floating production storage and offloading (FPSO) facility for the Ca Rong Do (CRD) field development—block 07/03 offshore The contract is for a fixed period of 10 years, with five yearly extension options exercisable by TLV. The estimated total aggregate value of the bareboat charter is approximately $1 billion for the entire 15-year charter, inclusive of all five yearly extension options. As required under the contract bid, YCL entered into an agreement with TLV and PTSC for the novation of all rights and liabilities under the contract to PTSC. PTSC and YCL will subsequently form a joint venture company which will enter into a bareboat charter contract with PTSC for the bareboat scope of work under the contract. A member of PetroVietnam, PTSC was established in February 1993 through the merger of two units, Petroleum Service Company (PSC) and Geophysics and Petroleum Service Company (GPTS). PTSC’s main field of operation is supplying technical services to the oil and gas and industrial sector, including engineering procurement construction and installation (EPCI) for offshore facilities; implementing engineering-procurement-construction (EPC) for industrial facilities; FSO/FPSO services; offshore support vessels; seismic survey services; as well as geophysical and geotechnical survey services, among others. Dragon Capital spends over $37 million to double PNJ holdings A group of funds run by Dragon Capital bought an additional 5.22 million PNJ shares to raise ownership to approximately 11.4 million shares, equivalent to 10.49 per cent. The Ho Chi Minh City Stock Exchange (HSX) has just announced the changes of foreign ownership at Phu Nhuan Jewelry JSC (HoSE: PNJ). Particularly, a group of funds run by Dragon Capital, including Vietnam Enterprise Investments Ltd. (VEIL), Wareham Group Limited, Norges Bank, KB Vietnam Focus Balanced Fund, and Hanoi Investments Holdings Limited, has just spent over VND841 billion ($37 million) to buy 5.22 million PNJ shares. According to HSX, PNJ’s revenue hit VND3.221 trillion ($141.6 million) in the fourth quarter of 2017. Accumulated revenue in 2017 hit VND10.976 trillion ($0.5 billion), up 28 per cent on-year, equivalent to 115 per cent of the yearly plan. Up to the end of 2017, PNJ’s total amount hit VND335 billion ($14.7 million), rising VND180 billion ($8 million) compared to the beginning of the year. The value of inventory increased by VND564 billion ($24.8 million) to VND3.4 trillion ($150 million). The total value of property gained over VND900 billion ($40 million) to nearly VND4.5 trillion ($197.5 million). Besides, PNJ has set aside VND395.3 billion ($17.4 million) for a long-term investment into 38.5 million shares of DongA Bank. Sunseap International enters solar co-operation with InfraCo Asia On February 14, Sunseap International, the international arm of Singapore’s leading clean energy provider Sunseap Group, signed an agreement with InfraCo Asia Development Pte., Ltd. (InfraCo Asia) to jointly develop a 168MW utility-scale solar power project in the south central coastal province of Ninh Thuan. Accordingly, InfraCo Asia will take a minority stake alongside Sunseap’s existing partner, CMX RE InfraCo Asia will bring its leadership expertise and provide funding for the development phase of the project. The project is expected to reach commercial operation by June 2019. During the construction phase, the solar power project will be able to create jobs for more than 200 local workers. Approximately 30 long-term jobs will be sustained when the project is in operation. Lawrence Wu, co-founder and director of Sunseap, said, “We are delighted to have received the support of InfraCo Asia for our first project in “Sunseap International remains focused on developing innovative solar energy solutions that benefit communities in the region while saving the environment. We hope that our solar power project will help to promote green energy investment in “As the opportunity for renewables in The initial investor of the project was CMX Renewable Energy Vietnam Co., Ltd., a joint venture of Sunseap International and CMX RE In October 2017, the Ninh Thuan People’s Committee approved the investment planning of the investor. Being one of the first large-scale solar projects to go online in Electricity demand in In April 2017, Sunseap is one of the largest and most established players in the solar energy industry in the region. It has a pipeline of projects in InfraCo Asia is an infrastructure development and investment company which aims to stimulate greater private sector investment in infrastructure in the low-income developing countries of South and It funds pre-financial close, early stage, and high-risk infrastructure development activities by taking equity stakes in socially responsible and commercially viable infrastructure projects that contribute to economic growth, social development, and poverty reduction. |
Thứ Sáu, 2 tháng 3, 2018
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