Oman's VIAC Limited Fund to become shareholder in Van Phu - Invest

Established in 2009, VIAC Limited Fund belongs to Vietnam Oman Investment (VOI) - a joint venture between the Oman Investment Authority of the Sultanate of Oman and Vietnam’s State Capital Investment Corporation.

This partnership aims to leverage investment opportunities in Vietnamese real estate.

In late 2021, VIAC Limited partnered with Van Phu - Invest by purchasing 690,000 convertible bonds, without warrants, valued at VND 690 billion (approximately $27.6 million). These bonds have a three-year term and are secured by 27.225 million common shares of Van Phu - Invest and owned by a third party.

According to the agreement, VIAC Limited will convert all these convertible bonds into VPI shares at maturity. The conversion price is set at VND 35,000 ($1.40) per convertible share, subject to adjustments as specified in the bond purchase agreement.

A representative from Van Phu - Invest stated that the funds raised from VIAC Limited will be invested in key projects such as Phong Phu Riverside (VND453 billion, approximately $18.1 million) and BT Saigon (approximately $4 million), with the remainder used to support the company’s business activities.

In November, the bond package will mature.

Van Phu - Invest and VIAC Limited have agreed to convert the bonds into shares. Following adjustments under clause 6.2 of the agreement, the conversion price is approximately $0.93) per convertible share, resulting in the issuance of 29.65 million shares.

At the annual general shareholders' meeting held at the beginning of 2024, the VPI approved the plan to issue shares for bond conversion. The 29.65 million shares issued to VIAC Limited will represent approximately 9.26 per cent of VPI’s total projected shares at the time of conversion.

Thus, upon completion of the conversion, VIAC Limited will become a major shareholder in VPI.

Both parties share a commitment to sustainable development. With VIAC Limited's participation, Van Phu - Invest gains a reputable major shareholder, enhancing its financial capacity and brand value.

Van Phu – Invest’s leadership views the partnership with VIAC Limited as a long-term, strategic collaboration aimed at jointly developing Vietnam’s real estate sector, delivering value to consumers, making tangible contributions to society, and improving operational efficiency for both parties.

Van Phu - Invest is a real estate enterprise in Vietnam, with total assets nearing VND12 trillion (approximately $480 million) and a portfolio of projects across the country.

These include prominent developments such as Van Phu Urban Area, The Terra - An Hung, Grandeur Palace Giang Vo, and Vlasta - Sam Son. The company is actively advancing a series of key projects, including The Terra Bac Giang and Vlasta Thuy Nguyen – Haiphong, contributing to the market’s supply.

Foreign banks committing to considerable loans International banks are demonstrating growing interest in Vietnam, committing substantial investments and loans to support the country’s development and economic growth.