Business Briefs 05 February 2020

05-Feb-2020 Intellasia | | 8:50 AM Print This Post

* Pharmacitv Pharmacy ISC, which owns the largest drug store network in Vietnam and is backed by private equity firm Mekong Capital, has raised VND735 billion (US$31.8 million) in a Series C funding round. The names of the investors were not disclosed. The firm said that the fresh funding will support its expansion plans. It is planning to launch an extra 350 stores this year and raise its total to 1,000 stores across the nation by November 2021. Since its inception in 2012, Pharmacity has had 252 drugstores in major cities.

* Viet jet Aviation ISC (VIC) has reported that its air transport revenue in the fourth quarter of 2019 soared by 25% to VND10.5 trillion (US$465.52 million). Its full-year revenue and profit from air transport in 2019 amounted to VND41.1 trillion, up 21.4% compared to 2018, and VND3.94 trillion, up 29.3%. The airline received 16 aircraft in 2018 while the number for 2019 was seven, which brought its accumulated revenue and profit to VND52 trillion (US$2.27 billion) and VND5.01 trillion (USS217.83 million) last year.

* HSBC has pulled out of a US$2 billion coal-fired power project in Vietnam. HSBC was picked as financial advisor to the 1,980-mega-watt Vinh Tan 3 power plant in the south-central province of Binh Thuan in 2014. HSBC told Asia Times late last month that it has “no involvement at all in the Vinh Tan 3 project – including as financial adviser, funding arranger or prospective lender.”

* Dang My Linh, board member of Century Synthetic Fiber Corporation (STK), acquired more than 3.65 million shares in the firm last month, thereby raising her stake to 14.33%, or over 10.1 million shares.

* Nguyen Van Sang, deputy chairman of E.I.T Group JSC (FIT), plans to buy over 6.9 million shares in the firm through order-matching transactions from February 6 to March 6. If successful, he would spur his ownership in FIT to 10 million shares, or 3.92%.


Category: Business, Vietnam

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