Representatives of Thanh Quang Group and Acuity Funding sign a funding approval agreement on September 27 in HCM City. Photo Hoàng Tuyết

HCM CITY — Thanh Quang Group and Australia’s Acuity Funding on September 27 signed a funding approval agreement in which the latter will provide up to US$450 million for the former’s two cemetery projects in Việt Nam.

The funding provides capital to Thanh Quang Group for the Vĩnh Long Province People’s Cemetery project in Vĩnh Long Province and the Châu Đức Cemetery Park project in Bà Rịa-Vũng Tàu Province.

These two projects are in the process of development and lack financial resources to be completed in a modern and professional manner and ensure the needs of the area.

These projects are highly appreciated for their humanitarian benefits, creating local jobs and ensuring environmental protection.

Besides the boards of directors of the two companies, representatives of local and foreign banks and Australia’s Ambassador to Việt Nam Andrew Goledzinowski also attended the ceremony.

The organisation arranging and managing the capital is Australia-based Acuity Funding, one of the largest fund arrangers in the Asia Pacific with current projects across 20 countries.

Acuity Funding is a non-supervised member of the Society for Worldwide Interbank Financial Telecommunication (SWIFT) and has the capacity to arrange and manage hundreds of billions of dollars for large-scale projects.

It is also one of the very few organisations capable of arranging cross-border funding and managing international debt.

Acuity is a pioneering business leading the export of investment and services from Australia.

“We are looking for projects that have humanitarian benefits, and these projects in particular serve real needs in Việt Nam,” said Ranjit Thambyrajah, founder and managing director of Acuity Funding.

“We have been in the industry now for 40 years and we bring that expertise to Việt Nam,” he said.

Ranjit Thambyrajah, founder and managing director of Acuity Funding, speaks at a signing ceremony for funding approval held on September 27 in HCM City. Photo Hoàng Tuyết

Acuity Funding and Thanh Quang Group have been working together for a long time and have gone through a due diligence process to reach the funding approval for the two projects in Vĩnh Long and Bà Rịa-Vũng Tàu provinces, he said.

This is not a Memorandum of Understanding (MoU) but a legally-binding agreement that provides funds for execution. After the signing ceremony, funds will be ready for distribution and the management of the implementation of business plans in phases.

Thanh Quang Group operates in the field of investment, construction and operation of projects in residential areas, industrial parks, resorts, manufacturing plants and cemeteries of medium and large scale. —VNS