VinaCapital, one of Vietnam’s leading investment management and real estate development firms, has just announced to be Tasco’s investor with US$11 million capital of the Vietnam Opportunity Fund (VOF).
The Vietnam Opportunity Fund (VOF) under management of VinaCapital is a diversified fund that invests in several asset classes including public and private equities and the Fund is listed on the London Stock Exchange.
According to an internal source, this is a part of an additional US$23 million mobilization, equaling to 21% of Tasco’s stake invested by the board of directors, VOF and other investors.
In early August, Tasco also announced another stock offering of 50 million shares for new investors. At that time, VinaCapital investment funds also ordered about 30 million shares.
The purpose of this offering is to supplement Tasco's projects in Hanoi such as My Dinh Foresa villa project and construction of a connectivity road from Le Duc Tho road to Xuan Phuong urban area.
The price of the offering is only VND10,500 (roughly US$0.46) per share, compared with the market price at VND 11.700 (roughly US$0.51) (code: HUT) on Monday August 7, 2017.
Andy Ho, VOF’s investment director said that it was an attractive price for holding shares of a company with 45 years of experience in development and construction of Vietnam’s infrastructure.
Tasco joint stock company is currently the investor of Build–Operate–Transfer (BOT) projects with toll stations to pay for such Build-Own-Operate (BOO) projects as the National Highway 10 and National Highway 21.
Tasco's strategy for 2016-2020 period is aimed at investing on real estate in the form of exchanging land for infrastructure (investment in transport infrastructure projects).
The company is currently the investor of the Foresa Villa project (Xuan Phuong eco-urban area of 38ha), the project on office for renting and VIP apartments on a land lot No. 48 Tran Duy Hung, South Building - Phap Van project and the project on Xuan Phuong Residence project and the project on housing for staff of the Ministry of Foreign Affairs.
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