Sacombank acquires 5 pct in local auto maker

Sacombank will acquire 5 percent of the Truong Hai Auto Corporation following a deal signed by the two parties late last week.

The auto maker is capitalized at VND680 billion (US$42 million).

The two partners have not disclosed the acquisition's value.

However, a source from the bank said it would pay five to six times more than the 5 percent capital's current value.

According to the agreement, the bank will provide loans to customers purchasing cars or trucks assembled by the corporation.

Truong Hai Auto Corporation, Vietnam's only auto assembler, was born in 1997 out of a smaller auto garage operation.

TN

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