US fund pledges $89 million to Hoang Anh Gia Lai
This contract was offered by Asia Global Capital (USA) and Bamboo Capital Group (Vietnam).
GEM representative Martin Doan said the fund would buy all available HAG stock listed on the HOSE, valued at VND1.7 trillion or 10 per cent of the company, and thereby join HAG as a strategic shareholder. The transaction is expected to be completed within the next three months.
The chairman of HAG Doan Nguyen Duc said, “We are please to have GEM join us as a significant shareholder and a strategic investor. We have reported a number of achievements in the agriculture sector, and we feel this field will continue to have great potential for our development.”
“GEM’s investment will open opportunities for other US investors to buy shares in HAG,” he added.
HAG has 100,000 hectares throughout Indochina with 75,000 hectares devoted to growing rubber, sugarcane, maize and palm. HAG is building a palm oil processing plant in Cambodia and plans to build another plant in Laos in 2015. HAG’s remaining land is used to raise cows and is planned to grow more palm.
GEM is a US fund with a total capitalisation of $3.4 billion with holdings in 65 countries. It is a multi-disciplinary group that includes CITIC/GEM Fund, VC Bank/GEM Mena Fund, Kinderhook, GEM Global Yield Fund, GEM India Advisors and Brazil PE Fund.
What the stars mean:
★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional
Latest News
Mobile Version