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Home / Investment / News
VinaCapital to invest in realty firm Ricons
Ngoc Thuy 21:57, 2018/03/20
Asset management firm VinaCapital has invested US$10 million in Ricons Construction Investment, a subsidiary of the country`s leading developer Cotec Construction (CotecCons), following a report by Deal Street Asia.
The investment in Ricons was made through its London Stock Exchange-listed Vietnam Opportunity Fund (VOF).
 
Illustration photo.
Illustration photo.
Established in 2004 as a real estate investment company, Ricons later diversified into construction. It has since implemented large civil and industrial projects across the country. Investors include Dragon Capital, SSI AM, Havana and Daiwa Investment.

 In January, Ricons completed its offer for sale of over 8.13 million shares to the public, earning VND203.4 billion (US$8.94 million) in the process. The company on March 14 also officially increased its charter capital to VND305 billion (US$13.4 million). 

In 2017, Ricons exceeded its stated targets for both revenue and profit. The company's net revenue at VND6.5 trillion (US$286 million) and net profit at VND287 billion (US$12.6 million) were up 37% and 50% respectively, compared to 2017. 

CotecCons, which owns a nearly 15% stake in Ricons, was selected as the general contractor for the 81-storey Landmark 81, part of Vinhomes Central Park developed by real estate giant Vingroup. Once finished, Landmark 81 will be Vietnam's tallest tower. 

Last month, VOF invested US$32.5 million to acquire a significant minority stake in Ba Huan JSC, the country's leading eggs and poultry meat producer. VinaCapital's flagship fund earlier also invested approximately US$45 million into two subsidiaries of PetroVietnam- PV Power and Binh Son Refining and Petrochemical (BSR) - as part of their initial public offerings (IPOs) conducted in January. 

Founded in 2003, VinaCapital is a leading investment and asset management firm headquartered in Vietnam, with a diversified portfolio of US$1.8 billion in assets under management. The firm has two closed-ended funds that trade on the London Stock Exchange: the VinaCapital Vietnam Opportunity Fund, which trades on the Main Market, and VinaLand which trades on the AIM.
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