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SAM invests $5 million in property firm
Sai Gon Asset Management on Jan 17 became a strategic partner of the joint-stock firm The Ky 21 (C21) after its fund Viet Nam Property Holding (VPH) made a US$5 million investment.
The investment was implemented through a private placement of C21's share issue last December.
The fund, which represents a 19-per-cent stake, has become the first foreign shareholder of the company, which had a total charter capital of VND193 billion ($9.6 million).
SAM chairman Louis Nguyen said VPH would have a representative in C21's executive board to support financial management and would co-operate in mobilising capital for C21's projects.
C21 Chairman Tran Minh Duc said VPH's investment would help develop his residential projects, which target average-income earners in HCM City and upgrade resorts in the central coastal areas.
C21 plans to list at the HCM Stock Exchange for this year's second quarter.
Apart from several apartment projects in HCM City and resorts in the centre, and the office building Yoco, C21 is developing four residential projects in the city.
SAM is running two investment funds, the $75 million Viet Nam Equity Holding (VEH) and $50 million VPH, which are listed on the boards of Frankfurt and Xetra of Germany.
The VPH focuses on apartment projects for average-income earners and retail facilities.
SAM's chairman Nguyen said he was preparing for the third fund later this quarter.
vietnamnews
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