Koterasu reaches $10 million investment agreement with An Gia

According to the agreement terms, Koterasu will acquire secondary shares of An Gia (ticker AGG) with a total value of $10 million. This transaction is to be executed via a put-through or order matching on the stock market.

This investment demonstrates Koterasu's unwavering confidence in An Gia's development capabilities and outstanding reputation, as evidenced by their history of highly successful collaborations.

By becoming a strategic shareholder in AGG, Koterasu will be granted with the call option to directly invest in An Gia's The Gio project in the southern province of Binh Duong, the sale launch of which is planned for 2024.

Nguyen Ba Sang, chairman of the Board of Directors of An Gia stated, “Given the robust recovery of the real estate market and the steadfast government support policies, An Gia firmly intends to expand its land portfolio and carry out new projects. The investment from Koterasu is crucial for An Gia to secure the necessary financial resources for future merger and acquisition endeavours.”

Representing Koterasu, Yamaguchi stated, “An Gia is one of the few real estate developers that adopts a customer-centric approach, consistently demonstrating a sincere commitment and striving to deliver high-quality residential products. We believe that An Gia will strengthen its legacy and continue to contribute to society and Vietnamese consumers.”

As for An Gia, the company expects to receive VND1 trillion ($42.2 million) in the second half of 2023.

These inflows will mainly come from the handover of sold apartments in the Westgate project, as well as the successful sale of the remaining units in The Standard project.

With this timely capital infusion and international funding support from Koterasu, An Gia is well-prepared to introduce affordable apartment products to meet the growing demands of the middle-class population in Vietnam.

Looking ahead to the 2023-2025 period, An Gia plans to launch 9,000 apartment units across three projects – The Gio (3 hectares) in Binh Duong province, and BC27 (27 hectares) and BC3.2 (3.2 hectares) in Ho Chi Minh City’s Binh Chanh district.

Bac Lieu grants investment certificate to 13 projects worth $740 million Bac Lieu People’s Committee granted investment certificates for 13 projects with the total investment capital of VND17 trillion ($739.1 million).

Compal Electronics arrives with $260 million investment in Thai Binh Renowned electronics manufacturer Compal Electronics has made a substantial investment of $260 million in Lien Ha Thai Industrial Park in the northern province of Thai Binh, delivering a boost to Vietnam's industrial growth prospects.

VIB sign new loan agreement with IFC, bringing its total credit limit to $450 million International Commercial Joint-Stock Bank (VIB) and the International Finance Corporation (IFC) have signed a medium and long-term loan agreement to strengthen VIB’s financial resources for credit expansion activities including retail home loans, home renovation products, and affordable mortgages.