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| The robotic welding line inside THACO bus plant in Quảng Nam. British conglomerate Jardine Matheson has reaffirmed its long-term financial commitment to THACO. — Photo courtesy of thacogroup.vn |
HCM CITY — British conglomerate Jardine Matheson has underlined its long-term financial commitment to THACO, one of Việt Nam’s largest private conglomerates, over more than a decade of partnership.
Through its subsidiary Jardine Cycle & Carriage (JC&C), Jardine Matheson Group has been investing in THACO since 2008, and increased its shareholding to 26.6 per cent in 2019.
At the end of 2023 JC&C injected nearly VNĐ8.7 trillion (US$350 million at that time) to buy bonds issued by THACO.
The investment is part of a long-term agreement between the two companies, under which JC&C will acquire THACO shares based on the company’s profit-multiple valuation in 2027.
Notably, it has expressed a willingness to serve as a key financial investor if THACO’s proposed north–south high-speed railway project is approved.
Jardine Matheson is a diversified multinational group with a nearly 200-year history that operates in more than 30 countries. The group manages total assets of nearly $80 billion and is listed on the London and Singapore stock exchanges.
In Việt Nam, Jardine holds ownership or significant stakes in a number of major companies such as THACO, Vinamilk, REE, Guardian, KFC, Pizza Hut, Starbucks, and Schindler.
Its 2024 report showed that profits from its investment in three Vietnamese enterprises accounted for over 50 per cent of its total consolidated profits. — VNS
