|SCPE, Standard Chartered Bank's investment arm, is infusing US$90 million in AGPPS. —Photo gafin
HA NOI (VNS) — Standard Chartered Private Equity (SCPE) yesterday announced the acquisition of a minority stake in An Giang Plant Protection Joint Stock Company (AGPPS), a market leader in Viet Nam's agricultural sector.
SCPE, Standard Chartered Bank's investment arm, is infusing US$90 million in AGPPS, the largest distributor of plant protection chemicals and rice seeds in Viet Nam, as well as an emerging aggregator and processor of rice.
SCPE will provide strategic inputs into the agribusiness company's business planning and support the management in its development plans. SCPE reportedly invests in companies in Asia, Africa and the Middle East and is backed by the best class management teams in private equity and mezzanine structures.
This is the second investment in Viet Nam for SCPE, which announced its first investment, in Golden Gate Group, two weeks ago. SCPE officials said the company was committed to investing in successful businesses across sectors and was actively seeking opportunities across the ASEAN region.
The latest investment underscores Standard Chartered Bank's long-term commitment to Viet Nam as it celebrates the 110th anniversary of the opening of its first branch in the country, said Nirukt Sapru, chief executive officer of Standard Chartered Bank in Viet Nam.
"We are deeply committed to supporting our clients in Viet Nam. I believe that our broad international network, coupled with our full suite of innovative, customised products and services, will support AGPPS in achieving its growth aspirations. This investment is a reaffirmation of our long-term commitment to Viet Nam, where we have been since 1904, and we are investing more resources to capture the business opportunities available and drive investment, trade and the creation of wealth in Viet Nam," added Sapru.— VNS