PYN Elite invests $40 million in banking sector for the first time
PYN Elite invests $40 million in banking sector for the first time
PYN Elite Fund signed an agreement to purchase a 4.99 per cent stake in Tien Phong Commercial Joint Stock Bank (TPBank) for $40 million, marking its first investment in the banking sector.
According to newswire NDH, the investment is also one of the fund's three largest investments.
Do Anh Tu, deputy chairman of the board of directors of TPBank, said that with the financial potential as well as the reputation of PYN Elite at the international and domestic markets, the fund is a perfect match to co-operate with TPBank to bring high-quality banking services for customers in general and small- and medium-d enterprises (TPBank’s target customer segment) in particular.
In order to mobilise funds for new its investments, including the investment in TPBank, PYN Elite divested from a series of companies.
Notably, in early December, PYN Elite released that it had completed the sale of 839,810 shares of Development Investment Construction JSC (DIG) for VND17 billion ($746,300). Besides, a number of days later, PYN Elite handed over 2.13 million shares of Mobile World Investment Corporation (MWG) to Vietnam Securities Deporsitory for VND280 billion ($12.3 million).
In addition, PYN Elite sold over two million shares in Kinh Bac City Development Holding Corporation (KBC) and 325,000 shares of Hoa Binh Construction and Real Estate Corporation (HBC).
Entering Vietnam in 2013, PYN Elite is the third largest foreign-investment fund in Vietnam with a total investment capital of $491.4 million.
At present, PYN Elite owns 8,027,890 shares or 7.14 per cent stake in Japan Vietnam Medical Instrument JSC (JVC), 7 per cent in Ho Chi Minh Infrastructure Investment JSC (CII), 4.1 per cent in Vietnam Construction and Import-Export JSC (Vinaconex), among other large-scale domestic enterprises.
TPBank is privately-owned. Its major shareholders include Japan-based investment firm SBI Holdings, Vietnamese gemstone trader DOJI Group, and telecommunications giant FPT Corporation, as well as SBI Ven Financial Group Holding Singapore Pte.
