The consortium now holds a minority stake in VCM.
A consortium led by sovereign wealth fund GIC and Vietnamese Vingroup Joint Stock Company has signed definitive agreements to invest $690.18m (US$500m) in consumer retail company VCM Services and Trading Development, an announcement by GIC revealed.
The investment will see the consortium obtain a minority stake in VCM. Vingroup will continue to be the controlling shareholder of VCM.
VCM is a subsidiary of Vingroup, and is the parent firm of Vinmart supermarket stores and Vinmart+ minimart stores located in Vietnam.
“As a long-term investor, GIC is confident in the growth outlook for disposable incomes and household consumption in Vietnam,” GIC said in a statement.
Photo by Donald Trung (Wikimedia Commons)
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