The Private Equity New Markets (PENM), a fund owned by Denmark’s investment group BankInvest, yesterday signed a strategic partnership contract with Vietnam Fan Joint Stock Co. to acquire a 25% stake in the local manufacturer.
PENM will utilize its broad management experience, gained from long careers in industry and as investment managers, to support the company in strategy planning for the next 5 to 10 years, said Hans Christian Jacobsen, managing partner of the PENM.
“We found the right partner today… Our background and experience can help the company in a number of areas for development. We commit to fulfill the partnership strategy,” he said to Saigon Times Daily.
BankInvest will also support Vietnam Fan to make a listing plan in next two or three years as well as enhance its competitiveness.
BankInvest, owned by 53 Danish banks, launched the PENM fund in Vietnam in September 2006 with capital of US$100 million. The fund already invested in five local companies, namely AAA Assurance Company, Duc Thanh Wood Processing, Eurowindow, HALS Group and most recently Vietnam Fan.