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Fund invests 12 million USD in jewelry trader
In its latest investment, Viet Nam Azalea Fund Limited just poured 12 million USD into Phu Nhuan Jewelry Joint Stock Company (PNJ).
PNJ specializes in manufacturing, processing and trading jewelry.
“PNJ has established itself as the leading jewelry retail company in Viet Nam . We believe the company has also captured good opportunities for stronger growth by penetrating export markets including the US , Singapore and Malaysia ,” said Duong Do Quyen, the fund’s portfolio manager.
“We plan to work closely with the company to assist in the development of its financial reporting system, development direction, business strategy, financial management, and local and foreign fund raising,” she added.
Established in 1988, PNJ runs two jewelry processing workshops and 13 branches nationwide, with 85 retail shops and 3,000 wholesale customers. It is the first company in Viet Nam ’s jewelry industry to apply the quality control system ISO 9001-2000.
PNJ is a co-founder and the second largest shareholder of DongA Bank, as well as a major shareholder of Hong Leong Saigon Gas Tank, VinaGas, and S.G Fisheries Joint Stock Company.
Last year, PNJ’s revenue was 131.9 million USD. The company plans to increase its exports by entering new markets in Denmark, Belgium and France, in addition to existing markets in the US and Germany.
Vietnam Azalea Fund Limited is a 100 million USD fund managed by Mekong Capital.
VNA
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