Capital sells plastic firm stake
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
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