PE Investment in Thu Cuc Intl Gen Hospital
VinaCapital Vietnam Opportunity Fund Limited
(the "Company" or "VOF")
LEI Number: 2138007UD8FBBVAX9469
Private Equity Investment in Thu Cuc International General Hospital - 10 August 2020
Ho Chi Minh City - VinaCapital Vietnam Opportunity Fund (LSE: VOF), the flagship fund of VinaCapital ("the Manager"), is pleased to announce that it has invested in Thu Cuc International General Hospital ("TCI"), a leading private hospital in Hanoi. VinaCapital led a consortium to invest USD26.7 million to obtain a significant minority stake along with a board seat in the well-known health care provider, which is currently undertaking a significant expansion.
The hospital was established in 2011 in one of most populated and rapidly developing areas of Hanoi by Ms Nguyen Thu Cuc, who in 1996 became the first woman to launch and operate a private health care company in northern Vietnam. Working with some of Vietnam's most experienced and leading doctors, Ms Cuc quickly established TCI as a trusted destination for high quality services at affordable prices in the fields of obstetrics and gynaecology, oncology and offering comprehensive health checks. TCI has the enviable achievement of being one of first private hospitals in Vietnam to win ISO-15189 accreditation for clinical laboratory testing service quality.
Today, TCI employs more than 1,400 staff, including over 230 doctors, many with 20 years or more experience at leading national hospitals. TCI's nine departments encompass twelve medical specialties. In early 2019, a new 5,000 square meter general clinic was opened to handle outpatient visits and corporate health checks. In early 2020, TCI completed a 10-storey extension to the main hospital to more than double its in-patient capacity. The facility uses state-of-the-art diagnostic equipment and adheres to international standards of management.
Ms Nguyen Thu Cuc, Founder and Chairwoman of TCI, commented, "We are delighted to partner with VinaCapital. They have a long track record of investing and working with private health care providers like TCI to optimize resources, improve operations and, ultimately, allow us to deliver an even higher level of care to more patients. Their experience in this sector and partnership will be invaluable as we look to further expand the range and level of services we provide."
Andy Ho, Chief Investment Officer at VinaCapital, stated, "TCI is widely recognized as one of the top private hospitals in Hanoi, a position they have reached in a relatively short amount of time. That speaks to the vision and focus of the founder, the dedicated and professional medical staff, and high quality of care they provide."
As Vietnam's middle class continues to expand, consumers are seeking greater access to private medical services, which help relieve the burden on the public health sector. As one of the first investors in the private health care industry in Vietnam dating back to our investment in Hoan My in 2009, VOF has long recognized the enormous growth potential of this industry. TCI joins our existing health care portfolio of Thai Hoa in the Mekong Delta region, and Tam Tri Medical Corporation, which has hospitals in southern and central Vietnam. This investment in TCI will bring the VOF portfolio exposure to the health care and pharmaceutical sector to 8% of NAV and will position VOF as the leading private equity investor in private hospitals and clinics in Vietnam.
The first half of the 2020 calendar year has been one of the most challenging investment and economic periods in the fund's history. During this period, we have successfully proven that we are able to divest existing investments above their carrying values in the portfolio and use the proceeds of investments to continue to make private equity investments, including TCI.
During the first six months of 2020, VOF has enjoyed an total return of 1.7% (unaudited, exclusive of the positive impact from share buybacks, USD terms). This performance compares well with the VN Index, which fell 13.8% and during this period of unparalleled challenges, supports our belief that having a diversified strategy investing in Vietnamese public and private equities as well as structured investments, can deliver a superior risk-adjusted returns in the medium to longer term. In addition, being a listed investment fund on the London Stock Exchange, VOF offers the added benefit of liquidity and flexibility to investors who may seek access to private equity exposure in Vietnam through a listed vehicle.
Enquiries
|
Michael Truong / Joel Weiden |
|
Investment Manager - Investor Relations and Communications VinaCapital Investment Management Limited |
|
T: +84 28 3821 9930 |
|
|
|
David Benda / Hugh Jonathan |
|
Broker Numis Securities Limited |
|
T: +44 20 7260 1000 |
|
|
|
Lewis Germain |
|
Company Secretary / Administrator Aztec Financial Services (Guernsey) Limited |
|
T: +44 1481 749 748 |
|
|
|
Edward Gascoigne-Pees |
|
Public Relations (London) Camarco |
|
T: +44 20 3757 4980 |
|
|
|
David Harris |
|
Marketing and Distribution (London) Frostrow Capital LLP |
|
T: +44 203 427 3835 |
|
|
1. References to VOF or the Company in this announcement shall mean VinaCapital Vietnam Opportunity Fund Limited, a non-cellular company incorporated in the Bailiwick of Guernsey under The Companies (Guernsey) Law, 2008, with registered number 61765. It is authorised by the Guernsey Financial Services Commission (reference number 2268242) as a registered closed-ended investment scheme under The Protection of Investors (Bailiwick of Guernsey) Law, 1987 and in compliance with the Registered Collective Investment Scheme Rules, as amended.
2. The registered office address of the Company is East Wing, Trafalgar Court, Les Banques, St Peter Port, Guernsey, Channel Islands, GY1 3PP.
3. This announcement may contain inside information as stipulated under the Market Abuse Regulations (EU) NO. 596/2014 (MAR).
About VOF
Launched in 2003, VinaCapital Vietnam Opportunity Fund Limited is a Guernsey-domiciled, closed-ended investment company, listed on the Main Market of the London Stock Exchange. VOF's investment objective is to achieve medium to long-term returns through investment either in Vietnam or in companies with a substantial majority of their assets, operations, revenues or income in, or derived from, Vietnam.
VOF is classified as a registered closed-ended Collective Investment Scheme under the Protection of Investors (Bailiwick of Guernsey) Law 1987 and is subject to The Companies (Guernsey) Law, 2008.
VOF is managed by VinaCapital Fund Management JSC, an entity managed and regulated in Vietnam by the State Securities Commission of Vietnam, a member of the International Organization of Securities Commissions.
More information about VOF may be found at https://vof.vinacapital.com.
About VinaCapital
Founded in 2003, VinaCapital is a leading investment and asset management firm headquartered in Vietnam, with a diversified portfolio of USD3 billion in assets under management. The firm manages a closed-ended fund that trades on the Main Market of the London Stock Exchange, as well as the Forum One - VCG Partners Vietnam Fund, an open-ended UCITS-compliant fund, the Vietnam Equity Special Access Fund, numerous segregated accounts, three domestic funds, and a recently launched ETF product. VinaCapital also has joint ventures with Draper Fisher Jurvetson in venture capital, and Warburg Pincus in hospitality and lodging. VinaCapital's expertise spans a full range of asset classes including capital markets, private equity, real estate, venture capital, and fixed income.
VOF is managed by VinaCapital Fund Management Limited, an entity managed and regulated in Vietnam by the State Securities Commission of Vietnam, a member of the International Organization of Securities Commissions.
For more information about VinaCapital, please visit www.vinacapital.com.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
Latest directors dealings
- 1 day ago Savannah Energy
- 1 day ago Buccaneer Energy PLC
- 1 day ago Savannah Energy
- 1 day ago Carclo
- 1 day ago Schroder Japan Growth Fund