IFC invests $10.2m in Vietnamese PAN Farm
IFC invests $10.2m in Vietnamese PAN Farm
IFC, a member of the World Bank Group, has invested VND230 billion (US$10.2 million) in Vietnamese PAN Farm Joint Stock Co.
The investment, which represents about 10.4 per cent of PAN Farm’s equity capital, will facilitate expansion of the company’s existing seed business and new export-quality flower, fruit and vegetable operations, IFC said in its statement.
PAN Farm is a new subsidiary of The PAN Group, a leading Vietnamese agribusiness and food company. This is IFC’s second investment supporting the group as a long term partner.
“This successful capital raising of PAN Farm represents the potential of Viet Nam agriculture in general and PAN Farm in particular to international investors,” said PAN Farm chairwoman Nguyen Thi Tra My.
“IFC’s investment into PAN Farm, with their international experience in the agriculture sector, will greatly support PAN Farm to expand its seed and horticulture business and apply sustainable farming practices and standards as well,” she said.
“Our priority is to support the Vietnamese agriculture sector by helping build productive, efficient and climate-resilient crops,” said Kyle Kelhofer, IFC Country Manager for Viet Nam, Cambodia and Laos. In the fiscal year ending in June 2016, IFC’s global investments across the agribusiness supply chain totaled $3.4 billion.
