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VietNamNews

Dairy firm welcomes funding

Update: December, 19/2014 - 07:44

VOF and Daiwa PI have jointly invested US$45 million for a 70 percent stake in the International Dairy Products JSC. — Photo cafebiz

HCM CITY (VNS) — VinaCapital's Vietnam Opportunity Fund, which is listed on the London Stock Exchange's alternative investment market, and Tokyo-based financial investor Daiwa PI Partners announced yesterday they have jointly invested US$45 million for a 70 percent stake in the International Dairy Products JSC.

"We have now more resources to support our long-term goals, which focus on developing high-quality products for children and women," said Tran Bao Minh, general director of IDP. The two partners have already helped shape his company's development plans for 2015, he added.

The dairy firm was established in 2004 with the first factory in Chuong My, a suburb of Ha Noi.

In 2010 it set up its second facility in Ba Vi, a district of Ha Noi, and a third one in HCM City's Cu Chi District last year.

This year it hopes to achieve total revenues of US$80 million, up 45 per cent year-on-year, a growth rate it targets for next year too.

VOF is managed by VinaCapital, which was established in 2003 and has a portfolio of $1.5 billion in several funds. — VNS

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