Property firm picks up strategic partner
Nam Long Investment Corporation announced on Thursday that Mekong Capital's Vietnam Azelea Fund has become its third strategic shareholder.
In a private placement, Nam Long sold VAF around 2.79 million shares, or almost 6.8 per cent of its charter capital, for VND172.9 billion (US$9.1 million), for around VND62,000 per share.
VAF becomes the third international investor in Nam Long after ASPL and Nam Viet who together own 25.6 per cent.
"This investment, together with the presence of ASPL, a fund owned by Ireka – a world-class Malaysian real estate developer, and Nam Viet, which is 100 per cent owned Goldman Sachs, showcases investors' great confidence in Nam Long's business model and development potential," Nguyen Xuan Quang, Nam Long's Chairman, said.
"Their commitment to the business of the company, their expertise in investment and project development, will no doubt benefit Nam Long's development in the future.
"With strengthened financial resources and the management support of our strategic shareholders, we are poised to become a prestigious property developer in Viet Nam and Asia."
Quang also revealed plans to list on the HCM City Stock Exchange next year.
Nam Long is one of the top private real estate developers by land ownership and a leader in township development.
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