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New fund to target small enterprises
The VND200 billion (US$10.5 million) Japan Asian Fund, a joint venture between MB Capital Fund and Japan Asia Holding Group, has been licensed by the State Securities Commission, with the Japanese partner contributing 49 per cent of the initial capital.
"This is the first time that MB Capital Fund has co-operated with a foreign fund management company to set up a fund," said MB Capital Fund General Director Phan Anh.
"The fund will invest in high-growth enterprises with high market share in their operating fields, good management and a transparent roadmap for listing shares," Phan Anh revealed.
The Japanese partner would take part in the fund's management, Phan Anh said, and the fund expected to raise another VND800 billion ($42.1million), making investments in small- and medium-sized enterprises.
The fund would target enterprises with pre-tax profits of at least VND10 billion ($525,000) per year and a minimum annual growth rate of 20 per cent. It would then spend VND20-40 billion ($1.1-2.1 million) to purchase shares or convertible bonds in the targeted company, with an expected holding of 10-30 per cent of the company's shares.
Thang Long Securities Co, a major stakeholder in MB Capital Fund, would assist these targeted enterprises in financial issues, restructuring and share listing.
MB Capital Fund, a subsidiary of Military Bank, currently manages three additional investment funds in Viet Nam with a total capital of over VND20 trillion ($1.1 billion), including the Viet Nam Tiger Fund, Ha Noi Fund, and Viet Nam Dream Fund.
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