Market Summary
After a slow 1st half of the year, the market starts to pick up again in the first month of the 2nd half of the year with total transaction value of more than USD1bn, main contribution comes from Healthcare (USD386m), Financial Services (USD369m), and Real Estate (USD173m).
Healthcare was dominant with one M&A transaction between Thompson Group and Vietnam's leading private hospital, FV Hospital, for USD386m, making it Southeast Asia's largest private healthcare acquisition since 2020.
Financial Services saw banks getting more fund inflow, half of which from foreign investors, for Lien Viet Post Bank (USD211m), SeA Bank (USD148m) and Timo Digital Bank (USD10m).
Aggregate Deals Value = USD1,012m
This month's top deals
Healthcare
Thompson Medical Group bought FV Hospital for USD381.4 million
Singapore's Thomson Medical Group said on Wednesday it had entered an agreement to buy Vietnam-based healthcare facilities provider Far East Medical Vietnam ("FV Hospital") for USD381.4 million. The acquisition marks Vietnam's biggest-ever healthcare transaction and Southeast Asia's largest healthcare acquisition since 2020, Thomson Medical said in a statement. The consideration consists of - initial consideration of USD359.6 million and an earnout of USD21.8 million. Based on the initial consideration of approximately USD359.6 million and after price adjustments, this translates into an enterprise value USD328.5 million. Based on the FY2022 EBITDA of VND463.7 billion (approximately USD19.5 million), this translates into an EV/ EBITDA of 16.8x. Far East Medical Vietnam reported revenues of VND 1,930.6 billion (approximately UDS81.6 million).
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Thompson Medical Group bought FV Hospital for USD381 million
Vidipha Central Pharmaceutical is raising USD4.6 million
Financial Services
LienViet Post Bank announces 500 million shares issuance for VND 5 trillion in Q3/2023
Lien Viet Post Joint Stock Commercial Bank has filed a Follow-on Equity Offering in the amount of VND5 trillion (USD211 million), offering 500 million shares to local and foreign investors.
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LienViet Post Bank announces 500 million shares issuance for VND 5 trillion in Q3/2023
SeA Bank announces a private placement of 94.6 million shares to investors for a gross proceed of VND3.5 trillion
Southeast Asia Commercial Joint Stock Bank announced a private placement of 94,600,000 common shares at a price of VND37,032 per share for gross proceeds of VND3,503,227,200,000 on July 3, 2023. The transaction included participation from Norfund.
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Timo Digital Bank announced that it has received USD10 million funding from existing investors
Timo Digital Bank announced that it has received USD10 million in a round of funding from its current shareholder on July 12, 202 (including Jungle Ventures, Kredivo Holdings, Phoenix Holdings, Granite Oak and Square Peg Capital).
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Timo Digital Bank announced that it has received USD10 million funding from existing investors
Real Estate
C.E.O Group announces a follow-on equity offering of VND2.6 trillion to existing shareholders
C.E.O Group Joint Stock Company has filed a Follow-on Equity Offering in the amount of VND2.6 trillion (USD108.4 million) by way of rights issue to the existing shareholders, who are entitled for 98 new shares for every 100 existing shares held. The company is also offering 5,146,800 under employee stock ownership association. The subscription open on July 21,2023 and closes on August 11,2023 for ESOP related offering.
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C.E.O Group announces a follow-on equity offering of VND2.6 trillion to existing shareholders
Phat Dat Real Estate announce issuance of 67 million shares for a gross proceeds of USD28.4 million
BES Engineering announce shares issuance for a gross proceed of USD24 million
HODECO is raising USD12.7 million from shares issuance to existing shareholders
Technology
Symplefy, a Vietnam-Based Payroll and HR Fintech Platform, got acquired by GoLogiq for USD30 million
GoLogiq, Inc. (OTCPK:GOLQ) entered into a share exchange agreement to acquire Symplefy for USD30 million on July 26, 2023. Under the terms, GoLogiq shall issue shares for an amount of USD15 million at closing and further USD15 million worth of shares dependent on performance-based earnouts and subject to resale restrictions.
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Symplefy, a Vietnam-Based Payroll and HR Fintech Platform, got acquired by GoLogiq for USD30 million
VuiHoc raised USD6 million in Series A from TNB Aura
Energy & Utilities
TDG Global Investment is raising USD2.7 million by issuing 6.5 million shares
TDG Global Investment Joint Stock Company announced a private placement to issue 6.5 million common shares at an issue price of VND 10,000 per share for the gross proceeds of VND64,563,890,000 on July 27, 2023. The transaction will include participation from new individual investors Nguyen Ho Phuong for 2,000,000 shares, Nguyen Thi Loi for 2,324,000 shares, Tran Thanh Hang for 1,200,000 shares and Nguyen Thi Hoa for 932,389 shares. The new shares will be restricted from transfer within 01 year from the finish date of this offering and will be listed on the Ho Chi Minh Stock Exchange.
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TDG Global Investment is raising USD2.7 million by issuing 6.5 million shares
Consumer & Retail
Minh Khanh Capital raising USD5 million by issuing 12 million shares to existing investors
Minh Khang Capital Trading Public Joint Stock Company announced a private placement of 12,099,992 common shares at an issue price of VND 10,000 per share for gross proceeds of VND 120,000,992,000 on July 14, 2023. The transaction will include participation from returning investors.
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Minh Khanh Capital raising USD5 million by issuing 12 million shares to existing investors
Bamboo Capital sold its stake at Nguyen Hoang Development JSC. for USD3.4 million
Transporation and Logistics
ASG Corp. is raising USD6.4 million via private placement to repay debt
ASG Corporation announced a private placement of 15,130,778 common shares at an issue price of VND 10,000 per share for gross proceeds of VND151 billion on July 25, 2023. The transaction has been approved by the board of directors. The transaction is expected to closed in 2023 or in 2024, after being approved by the State Securities Commission of Vietnam.
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Others
Pomina sold 20% of stake to Nansei Steel for USD30 million
Nansei Steel Co., Ltd. agreed to acquire 20% stake in Pomina Steel Joint Stock Company (HOSE:POM) for VND 702 billion. The shares issued in the transaction is subject to transfer restrictions of 3 years from the date of closing the transaction.
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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.
Exchange rate: USD1.00 = VND23,310.00 as of July 31, 2023.
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