Mekong Capital divests from Asia ChemicalsMekong Enterprise Fund II, a unit of Mekong Capital, has completely divested from Asia Chemicals Corporation (ACC) and taken in US$8.9 million, a 2.6-fold increase over its initial investment, after a seven-year holding period.According to a press release issued by Mekong Capital on August 10, in 2011, MEF II invested US$3.8 million in ACC, which was its 10th investment, after others in Mobile World Investment Group (The Gioi Di Dong), Golden Gate, Vietnam Australia International School and International Consumer Products.However, MEF II has now divested from all of its 10 earlier investments. The divestments have helped the fund generate a gross return multiple of 4.5 and a gross internal rate of return of 22.5%.Early this year, MEF II sold five million shares at Mobile World, generating a gross return multiple of 56.9 and an IRR of 61.1%, making it one of the most successful investments in Asia.Also, the fund’s full exit from Vietnam … [Read more...] about BUSINESS NEWS IN BRIEF 22/8
Selling to a pawn shop
RStartups attract investment of $205mn in 2016
Some 50 Vietnamese startups received $205 million in investment capital last year, a 25 per cent decline compared to 2015, according to the latest report from the Topica Founder Institute (TFI), a startup accelerator program managed by Topica Edtech Group, a popular online education provider in Southeast Asia. Although the amount of capital to be invested fell, the total amount of investments in Vietnamese startups increased by 46 per cent against 2015, reaching $205 million, the highest figure to date. Startups in the fintech sector led, with total capital of $129 million. Thirty per cent was seed funding, 40 per cent Series A, 4 per cent Angel capital. and 4 per cent Series C. Notable deals included Mekong Capital investing in the F88 pawn shops chain, Got it! successfully mobilizing $9 million, and Momo e-wallet receiving investment of $28 million from Standard Chartered and Goldman Sachs. Significant deals included E-pay selling 62.5 per cent of shares to UTC Investment … [Read more...] about RStartups attract investment of $205mn in 2016