Singapore’s GIC-led consortium to invest US$500m in Vingroup unit

Asia Business
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HANOI: A consortium led by Singapore’s state investor GIC has agreed with Vietnam’s largest conglomerate Vingroup JSC to buy a stake in one of the latter’s units for US$500 million, GIC said on Monday (Sep 9).

Vingroup will remain the controlling shareholder of the unit, VCM Services and Trading Development Joint Stock Company, after the deal, GIC said in a statement.

A source familiar with the deal said Credit Suisse acted as the sole advisor to Vingroup.

Vingroup, once a real estate and retail conglomerate, has grown to become Vietnam’s largest listed firm with a market capitalisation of more than US$16 billion. The company recently launched smartphones and cars, and is also looking to enter the artificial intelligence sector.

Last month, Vingroup applied for a licence to launch an airline next year.

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