HCM City drug firm sells shares

08/11/2007 -- 2:08 PM

HCM City (VNA) – HCM City-listed drug firm Innexpharm signed agreements on November 7 to sell stakes to two strategic partners, the Vietnam Fund Management (VFM) company and the fund Vietnam Holding (VNH). VNH will purchase 6 percent and Viet Nam Growth Investment fund (VF 2) percent, both at undisclosed prices. The deals are part of the company’s plans to increase its chartered capital from over 92 billion VND (5.7 million USD) to 112 billion VND. Juerg Vontobel, chairman of Vietnam Holding Asset Management which manages the 130 million USD VNH, said he placed high value on transparency which he found at Innexpharm. Its strong growth potential is another factor leading to VNH’s move. Most of VNH’s shareholders are Swiss institutions. Tran Thanh Tan, general director for VFM which concluded the purchase on behalf of its Viet Nam Growth Investment fund (VF2), shared Vontobel’s view. “The purchase is our long-term commitment to the country’s pharmaceutical industry that has an average annual growth rate of 15 percent. Innexpharm is among the country’s top drug producers,” he said. VF2 has a corpus of at almost 1.2 trillion VND (80 million USD). Innexpharm has an average year-on-year growth rate of around 30 percent. In the first 10 months it recorded a gross profit of 54 billion VND. Its general director, Tran Thi Dao, expects the two strategic partners to bring in more partners as well as assist in corporate governance. The company plans to build a new factory n a joint venture with a new factory in a joint venture with a Canadian partner in Binh Duong next year.-Enditem
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