South Korean fund buys VNPT Epay
South Korean fund buys VNPT Epay
South Korean investment fund UTC Investment Co., Ltd. (UTC) completed the purchase of 7.47 million shares, equalling a 62.25 per cent stake, in VNPT Electronic Payment JSC (VNPT Epay) from VMG Media Group, according to newswire Vnexpress.
However, the deal’s value has yet to be disclosed due to the continuous loss.
Established in 2008, VNPT Epay is one of Vietnam's leading providers of electronic payment services. VNPT Epay was founded by Vietnam Posts and Telecommunications Group (VNPT), holding of 35 per cent, and VMG, with 62.25 per cent.
Apart from its holdings-to-be-divested in VNPT Epay, VMG owns 50.5 per cent of OCG Technology JSC and 51 per cent of Imedia Services and Technology JSC.
Earlier, in late 2015, VMG bought a 68.65 per cent stake, equalling 6.6 million shares, in Lingo.vn, a Vietnamese e-commerce website from Singapore-based Yellow Star Investment Fund. However, in late August 2016, the e-commerce website was closed.
UTC is a private equity and venture capital firm specialising in buying out and investing in start-ups. It also engages in corporate restructuring.
In addition, the firm seeks to invest in the information services, petro-chemistry, and energy sectors. It prefers to invest in South Korea with a focus on Seoul and Gyeonggi-do. The firm makes cross-border investments, primarily in China and Japan.
