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Mekong Capital sells plastic firm stake

Update: August, 20/2009 - 00:00

Mekong Capital sells plastic firm stake

(21-08-2009)

HCM CITY — Mekong Enterprise Fund has sold an undisclosed number of shares of Tan Dai Hung Plastic Joint Stock which it had acquired in March 2003.

Chris Freund, managing partner of Mekong Capital which manages the fund, said it was a profitable investment but did not reveal any numbers. The sales was completed between May and August.

The investment in the plastic firm was the fund’s first.

Tan Dai Hung, which listed on the HCM Stock Exchange in November 2007, is the third company in which Mekong has made a full divestment after Sai Gon Gas and Duc Thanh Furniture.

It is a leading manufacturer of polypropylene and polyethylene woven bags for packaging rice, fertiliser, animal feed and farm produce.

The US$18.5 million Mekong Enterprise Fund, launched in 2002, focuses on equity investments in private businesses in Viet Nam.

It made investments in 10 such companies and is now collecting its profits by divesting its stakes, a process expected to be completed by 2012. — VNS

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