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Nam Long issues shares to Keppel subsidiary

Update: July, 28/2015 - 08:50
HCM CITY (VNS)  — Nam Long Investment Corporation has sold a little over a 5 per cent stake to Ibeworth Pte., Ltd, which is fully owned by giant Singaporean developer Keppel Land Limited.

Ibeworth bought 7.1 million shares for VND140 billion (US$6.42 million), or VND19,700 a share, through a private placement in June. Nam Long has been trading at around VND19,000 on the stock market for a few months now.

Commenting on the deal, Nam Long chairman Nguyen Xuan Quang said, "The acquisition of a stake by Ibeworth will create opportunities for us to collaborate with top international investors in the real estate sector."

Keppel Land and NLG will explore opportunities to collaborate in future projects as strategic partners. Nam Long is known for its affordable housing under the Ehome brand name in areas including HCM City and Binh Duong. Its other foreign shareholders are VAF, a fund managed by Mekong Capital, IFC, a member of the World Bank, and Nam Viet Company, which is wholly owned by Goldman Sachs. — VNS

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