Mekong Capital just announced that the Vietnam Azalea Fund (VAF) successfully divested its 24.99 per cent stake in Traphaco JSC at VND141,500 (US$8.22) per share.
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This deal brought about US$64.5 million.
In addition to the VAF, Vienam Holdings also sell its shares in Traphaco with the amount equipvalent to 10 per cent of this company’s shares.
Two newly established investment funds that replace VAF and Vienam Holdings in Traphaco are Hong Kong’s Magbi Fund Limited và Singapore’s Super Delta Pte Ltd.
VAF acquired a 5 per cent stake in Traphaco in 2007 through a pre- Initial Public Offering (IPO) investment, becoming the first foreign shareholder in this company. VAF subsequently increased its stake through several on-and-off-market transactions to establish itself as a meaningful minority investor in Traphaco.
When VAF invested in Traphaco in 2007, this company was ranked amongst top 20 pharmaceuticals in Vietnam with revenue and net profit of VND533 billion (nearly US$23.5 million) and VND38 billion (US$1.67 million) respectively.
Under management by Mekong Capital, Traphaco developed into the second largest pharmaceutical company in Vietnam.
During this period of time, Traphaco transferred from selling nearly 80% of products via wholesalers to a direct sales model reaching 26,000 retail pharmacies nationwide and grew its distribution network from 2 to a current total of 24 branches.
Chad Ovel, Partner at Mekong Capital said: “Together with the rest of the stable and loyal senior leadership team at Traphaco, they have built a company with excellent brand integrity, products of unquestionable quality and a first-class distribution system to reach consumers in all 63 provinces of Vietnam. Traphaco is now a model for all other pharmaceutical companies in Vietnam”.
Traphaco is a vertically-integrated pharmaceutical company specializing in the
development, marketing and distribution of Vietnamese traditional medicines. This company owns a strong brand, 2 GMP-WHO manufacturing factories and a nationwide distribution network,with 24 distribution branches.
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