Market Summary
In December 2023, the Vietnamese market experienced a series of transactions amounting to approximately USD715m, prominently led by the Consumer & Retail, Real Estate and Financial Services sectors.
The largest fundraising during the month was from NVB via its private placement with a total value of USD255m.
Real Estate saw significant fundraises of USD53m from Phat Dat and USD81.6m from Nova Land to fund various projects.
Within the Consumer & Retail, Masan Group raises its equity funding round by USD50m compared to previous announcement, which is led by Bain Capital.
The Technology also played a significant role with a contribution of around USD 52m.
Aggregate Deals Value = USD715m
This month's top deals
Consumer & retail
Masan Group upsizes equity funding round to USD250 million, led by Bain Capital
Masan Group announced that Bain Capital, a leading private investment firm with approximately USD180 billion of assets under management, agreed to increase its equity investment into Masan Group to USD250 million from the previously announced USD200m. Transaction terms remain the same as per the initial agreement in October 2023. The proceeds will be used to strengthen the Company’s financial position and allocated to de-lever Masan’s balance sheet.
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Masan Group upsizes equity funding round to USD250 million, led by Bain Capital
Financial Services
National Citizen Commercial Joint Stock Bank (NVB) issues c. USD260 million of shares
The Board of Directors of NVB has approved a plan to privately sell 620 million NVB shares at USD0.41 per share to increase capital. The bank states that the targeted investors for this offering are committed, long-term securities investors who share a strategic vision with the bank. The transaction is anticipated to conclude the issuance in the fourth quarter of 2024.
According to the plan, the funds raised from this capital increase will be allocated by the bank for business operations supplementation (c. USD217 million), facility renovation and upgrades (c. USD8.13 million), brand identity development (c. USD8.13 million), and technology and digital transformation (c. USD20.4 million). Beyond financial resource mobilization, the bank aims to identify capable shareholders to contribute to enhancing both financial and operational capabilities.
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National Citizen Commercial Joint Stock Bank (NVB) issues c. USD260 million of shares
Healthcare & Life Science
Japanese company ASKA Pharmaceutical Holdings increased ownership to in Ha Tay Pharmaceutical (DHT) with amount of c. USD7.4m
ASKA Pharma has completed the purchase of 8.4 million DHT shares at the announced price of c. USD0.88 per share. Following the transaction, ASKA increased its ownership from 18.4 million to nearly 27 million shares, representing 24.9% of the capital and approximately 32.56% of the total shares. This acquisition is part of DHT's private share placement, with ASKA as a strategic investor acquiring the entire offering.
DHT's planned expenditures are approximately USD3.2m for the Hataphar high-tech pharmaceutical production plant project and USD4.2m for debt restructuring to enhance capital self-sufficiency and alleviate financial pressure.
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ASKA Pharmaceutical increased ownership to in Ha Tay Pharmaceutical (DHT) with amount of c. USD7.4m
Real Estate
Phat Dat aims to raise over USD53m from shareholders to fund various projects
Phat Dat Real Estate (PDR) Board of Directors approved a plan to offer up to 134.3 million shares to existing shareholders at a 5.5:1 subscription ratio. Shareholders can buy 10 shares at c. USD0.41 each, with no transfer rights for subscription. The anticipated amount to be raised is c. USD54.8m.
PDR plans to allocate USD5.4m to the Urban Development Investment Project in zones 2 and 9 of the Ecological Urban Area Nhon Hoi, Binh Dinh Province. Additionally, c. USD20.9m will be invested in the Residential Area combined with urban refurbishment in Bac Ha Thanh. c. USD16.3m will be used for investing in a high-end commercial and hotel services center. The remaining USD12.3m will be invested in the high-rise residential complex in Thuan An 1, 2.
The company will utilize USD24.5m to repay the principal of bonds, and the remaining will be used to pay interest.
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Phat Dat aims to raise over USD53m from shareholders to fund various projects
Nova Land Investment Group Corporation announced a placement for the gross proceeds of c. USD81.6m on December 28, 2023
Novaland shareholders have recently approved various stock issuance plans, including private placement, issuance to existing shareholders, and issuance to employees (ESOP) for the years 2022 and 2023, totaling 1.37 billion shares.
Specifically, Novaland plans to privately place 200 million shares for a maximum of 5 professional securities investors. Additionally, they will issue 1.17 billion shares to existing shareholders (unrestricted transfer) using the rights offering method. Furthermore, Novaland shareholders have also endorsed the ESOP issuance plan for 2022 and 2023, covering a maximum of 1.5% of the circulating shares.
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Nova Land announced a placement for the gross proceeds of c. USD81.6m
Technology
Hana Micron Vina raises funding of c. USD52 million for expansion of semiconductor business in Vietnam
On December 21, 2023, Hana Micron Vina Co., Ltd announced that it will raise c. USD52 million in an equity funding from its parent company, HANA Micron Inc. The transaction has been approved by the board of directors of the company and is expected to be closed on January 9, 2024.
Hana Micron Vina expects to earn revenue of USD300 million in 2023 and USD800 million in 2025 and by then invest the total of USD1 billion into chip production in Vietnam.
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Transportation & Logistics
Vietjet (VJC) postpones dividend payment, planning to offer c. USD100 million of shares to settle the aircraft purchase deposit
On December 19, 2023, Vietjet shareholders approved the temporary postponement of issuing shares for the 2021 dividend to prioritize the sale of 24.5 million private shares at a offering price of c. USD4.07 per share to less than 100 professional securities investors. With an expected amount of c. USD100 million, Vietjet plans to allocate 70% of the proceeds to pay the Aircraft Purchase Deposit (PDP) and the remaining 30% for leasing fees to aircraft leasing entities and leasing aircraft engine purchases.
In case of insufficient funds from the offering, the Board of Directors is authorized by the General Meeting of Shareholders to actively seek alternative funding sources suitable for the company's current situation.
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Note: Deal values include disclosed announced & closed deals with amounts restricted to the local scene i.e., amounts related to the Vietnam entity and/or business. Rumored deals are not included. Cross-posted deals are also adjusted to avoid double count.
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