VinaCapital Vietnam Opp. Fund Ltd VOF invests in leading packaging company (4525P)
October 10 2019 - 2:00AM
UK Regulatory
TIDMVOF
RNS Number : 4525P
VinaCapital Vietnam Opp. Fund Ltd
10 October 2019
VinaCapital Vietnam Opportunity Fund Limited
(the "Company" or "VOF")
LEI Number: 2138007UD8FBBVAX9469
VOF INVESTS IN ONE OF VIETNAM'S LARGEST PLASTIC PACKAGING
COMPANIES
VinaCapital Vietnam Opportunity Fund (LSE: VOF), the flagship
fund of VinaCapital, today announces that it has made a private
equity investment in Ngoc Nghia Industry-Services-Trading Joint
Stock Company ("Ngoc Nghia"), a pioneer and leading manufacturer of
PET (polyethylene terephthalate) packaging in Vietnam. VinaCapital
will lead a consortium to invest USD21.4 million in Ngoc Nghia, of
which VOF will invest USD17.0 million for an undisclosed stake and
will receive two seats on the Board.
Ngoc Nghia has the largest plastic packaging production capacity
in Vietnam, with an annual output of 3.7 billion preforms, bottles
and closures manufactured per year at three production sites.
Management estimates that in terms of volume, Ngoc Nghia accounts
for the largest market share of PET packaging. Based in Ho Chi Minh
City, Ngoc Nghia has been growing its revenue base at a compound
annual growth rate (CAGR) of 15.3% between 2016 and 2018, and in
2019, expects to deliver revenue of USD74.0 million from its core
PET business. PET is the highly recyclable, lightweight, resealable
and shatter-resistant plastic used by a variety of food and
beverage and home and personal care product manufacturers. Ngoc
Nghia's longstanding relationships with a range of international
and domestic clients such as Unilever, Coca-Cola, Pepsi and
Vinamilk will further help drive the company's growth.
The PET packaging sector outperformed the plastic packaging
industry with a registered CAGR of 15.9% during 2010 - 2017 driven
by the dynamic growth in the consumer goods sector, namely
non-alcoholic drinks, home and personal care, and sauces and
condiments, which are expected to deliver healthy growth over the
coming years thanks to Vietnam's growing population with rapid
urbanisation and increasing household spending.
"Ngoc Nghia is the perfect example of a market leading company
we like to invest in. It is well-established and serves some of the
sectors that are benefitting from Vietnam's strong domestic
consumption story. Its management team is experienced and
recognises the need to innovate into new areas such as packaging
for milk and alcoholic beverages. They evolve with the market,
which is why they have invested in advanced equipment and have a
strong commitment to research and development focused on minimising
environmental impact. We look forward to working with them to take
their company to its next stage of growth," said Andy Ho, Managing
Director of VOF.
Ms. La Bui Hong Ngoc, Chief Executive Officer of Ngoc Nghia
said, "As we looked at expanding our manufacturing capabilities as
well as our market penetration, particularly in northern Vietnam,
we considered a range of financing options. Ultimately, we
determined that VinaCapital's strong track record of private equity
investing provided not just the capital we need but also a partner
with the experience that will enable us to meet our long-term
business objectives."
About VOF
VinaCapital Vietnam Opportunity Fund Limited (the "Company" or
"VOF") is a Guernsey domiciled closed-ended investment company. The
Company is quoted on the Main Market of the London Stock Exchange
("LSE") with a Premium Listing.
VOF is managed by VinaCapital Fund Management Limited, an entity
regulated in Vietnam by the State Securities Commission of Vietnam,
a member of the International Organization of Securities
Commissions. VinaCapital is one of Vietnam's leading investment
management companies, with USD3.3 billion in assets under
management.
For more information about VOF, please visit
https://vof.vinacapital.com.
Enquiries
Michael Truong / Joel Weiden
-----------------------------------------------------------
Investment Manager - Investor Relations and Communications
VinaCapital Investment Management Limited
T: +84 28 3821 9930
E: michael.truong@vinacapital.com
E: joel.weiden@vinacapital.com
David Benda / Hugh Jonathan
-----------------------------------------------------------
Broker
Numis Securities Limited
T: +44 20 7260 1000
E: funds@numis.com
Lewis Germain
-----------------------------------------------------------
Company Secretary / Administrator
Aztec Financial Services (Guernsey) Limited
T: +44 1481 749 748
E: vinacapital@aztecgroup.co.uk
Edward Gascoigne-Pees
-----------------------------------------------------------
Public Relations (London)
Camarco
T: +44 20 3757 4980
E: ed.gascoigne-pees@camarco.co.uk
David Harris
-----------------------------------------------------------
Marketing and Distribution (London)
Frostrow Capital LLP
T: +44 203 427 3835
E: david.harris@frostrow.com
1. References to VOF or the Company in this announcement shall
mean VinaCapital Vietnam Opportunity Fund Limited, a non-cellular
company incorporated in the Bailiwick of Guernsey under The
Companies (Guernsey) Law, 2008, with registered number 61765. It is
authorised by the Guernsey Financial Services Commission (reference
number 2268242) as a registered closed-ended investment scheme
under The Protection of Investors (Bailiwick of Guernsey) Law, 1987
and in compliance with the Registered Collective Investment Scheme
Rules, as amended.
2. The registered office address of the Company is East Wing,
Trafalgar Court, Les Banques, St Peter Port, Guernsey, Channel
Islands, GY1 3PP.
3. This announcement may contain inside information as
stipulated under the Market Abuse Regulations (EU) NO. 596/2014
(MAR).
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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