GIC Private Limited made a full exit from Vinasun at a price less than half of what it paid to buy in four years ago. Singaporean investment fund divesting from Vinasun GIC Private Limited (formerly known as Government of Singapore Investment Corporation), a sovereign wealth fund established by the Singaporean government, has just announced to have fully divested Vietnam Sun Corporation (Vinasun, code: VNS), according to the Ho Chi Minh City Stock Exchange (HSX). Accordingly, 5.4 million VNS shares (equivalent to an 8 per cent stake) have been transacted on HSX with the total value of VND80 billion ($3.5 million) on May 25. GIC poured around VND200 billion ($8.8 million) into Vinasun in August 2014, equalling VND45,000 per share. Thus, GIC divested at roughly 40 per cent of the purchasing price, losing approximately VND120 billion ($5.3 million). This move has made as the business results of the taxi firm have turned into the red and its stock fell sharply. Although … [Read more...] about Singaporean investment fund cuts losses in Vinasun
Vietnam investment fund
Singaporean investment fund divests from Vinasun
The development of Uber and Grab has put pressure on traditional taxi forms in Viet Nam. — Photo enternews.vn After losing more than VND125 billion (US$5.5 million) in Vinasun, Singaporean investment fund Government of Singapore (GIC) announced a full divestment from Vietnam Sun Corporation (VNS). Accordingly, the fund no longer holds any shares of Vinasun, reported Tien Phong (Vanguard) newspaper. Specifically, GIC sold 5.4 million VNS shares, representing 7.96 per cent of Vinasun’s capital on May 25 and currently owns no shares. The investment fund of the Government of Singapore invested in Vinasun in August, 2014, when car-hailing applications had not been popular in Viet Nam. The value for the acquisition at that time was estimated at VND200 billion. The development of Uber and Grab has since put pressure on traditional Vietnamese taxi companies, including Vinasun. Although one of the brands with the highest number of cars in HCM City, the company’s business … [Read more...] about Singaporean investment fund divests from Vinasun
Vinhomes uses $1.3 billion of GIC investment to buy Berjaya projects?
The money Vinhomes used to buy Berjaya’s two long-delayed projects may be part of the $1.3-billion investment that it received from GIC Private Limited. Vinhomes Imperia project in Haiphong According to newswire Cafef, Vinhomes, Vietnam's leading real estate management company and the property management arm of Vingroup, signed an agreement with GIC. Accordingly, GIC will pour $1.3 billion into Vinhomes by buying part of Vinhomes’ stakes and by supplying a loan to help Vinhomes develop its projects. The agreement came into effect on April 12. The information comes after Vingroup released that through Vinhomes it has recently acquired two long-delayed projects from Malaysian Berjaya Corporation. Notably, Vinhomes has completed the purchase of a 97.7 per cent stake in Berjaya Vietnam International University Township One Member LLC and Vietnam Berjaya Financial Centre. The first deal was VND11.75 trillion ($515.6 million) in value, while the capital contribution to … [Read more...] about Vinhomes uses $1.3 billion of GIC investment to buy Berjaya projects?
Vietnam steps up regulations on digital currency
Prime Minister Nguyen Xuan Phuc has signed a directive calling for stronger measures to rein in Bitcoin and other digital currencies as it is feared that they could destabilise the financial market and hurt traders. Digital currencies are feared to destabilise the financial market and hurt their traders Under the decree, credit institutions are not allowed to carry out digital currency-related transactions and must swiftly report any suspicious activities. Public companies, brokerages, fund management companies and investment funds are banned from any illegal activities related to digital currencies and are required to comply with the anti-money laundering rules. The Government leader also asked the authorities concerned to restrict the import of coin mining hardware and double down their efforts to prevent fraudulent activities concerning digital currencies. Meanwhile the Ministry of Justice has been tasked with perfecting the legal framework on regulating digital … [Read more...] about Vietnam steps up regulations on digital currency
Vietnam Institute of Directors makes debut
Experts discuss ways to improve corporate governance practices at the launch of the Vietnam Institute of Directors. (Source: VNA) HCM City (VNA) – The Council of the Vietnam Corporate Governance Initiative (VCGI) launched the Vietnam Institute of Directors (VIOD) in Ho Chi Minh City on April 5. The institute is seen as an important market foundation for Vietnam to push market reform and intensify the implementation of commitments to good corporate governance and responsible business activities. Established as a social enterprise, VIOD aims to advance board professionalism, promote business ethics and transparency, build a network to connect corporate leaders and stakeholders, and help companies inspire investor confidence. Vu Quang Thinh, Chairman of VIOD, said the institute’s objective is to equip company directors with the right knowledge and tools to serve more effectively on boards and improve the competitiveness of Vietnamese firms. The … [Read more...] about Vietnam Institute of Directors makes debut