VinaCapital to invest in realty firm Ricons
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).
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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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Vietnam news in brief - August 24
Read The Hanoi Times to stay up to date on developments in Vietnam.
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- Vietnam Gov’t committed to facilitating Adani Group’s US$2-billion port project
- Vietnam Railway proposes US$87 million for Hanoi–Dong Dang railway upgrade
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