IDG buys stake in Vietstock.com

08/11/2007 -- 2:08 PM

HCM City (VNA) – Tai Viet JSC (Vietstock) which runs the securities analysis website www.vietstock.com.vn announced it had sold an undisclosed stake to the US-based fund IDG Ventures Vietnam on Nov. 7. Vietstock was established in 2001 and its website is one of the leaders in providing corporate and financial information including industry analysis, annual reports, and stock quotes. It also acts as a bridge between listed companies, securities firms, and investors, and distributes technical analysis software Metastock and market data for the American company Equis. Vietstock chairman Nguyen Van Duong said: “We’re pleased to have IDG’s co-operation as Viet Nam ’s financial market is still immature and the need for reliable information is great. With IDG Ventures Vietnam becoming our strategic partner we’ll improve our database and staff.” Rachan Reddy, IDG’s deputy general director, said the fund had invested 40 million USD in 20 companies. Through focused now on information technology-related businesses, it planned to expand into education and health care in future, he added. The fund was set up in 2005 with a war chest of 100 million USD.-Enditem
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