10th Oct 2019 12:26
(Alliance News) - VinaCapital Vietnam Opportunity Fund Ltd on Thursday said it has made an investment in Ngoc Nghia Industry-Services-Trading Joint Stock Co, a manufacturer of packaging materials.
The investment company said it is leading a consortium to invest USD21.4 million in Ngoc Nghia. Of this, VinaCapital will invest USD17.0 million for an undisclosed stake and will receive two seats on the Ngoc Nghia board.
Ngoc Nghia has an annual output of 3.7 billion packaging preforms, bottles and closures manufactured per year at three production sites, VinaCapital said.
"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 benefiting from Vietnam's strong domestic consumption story," explained Andy Ho, managing director of VinaCapital.
"We look forward to working with them to take their company to its next stage of growth," added Ho.
VinaCapital shares were trading 0.4% lower in London on Thursday at 340.00 pence each.
By Evelina Grecenko; [email protected]
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