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24 March 2008
VinaCapital Vietnam Opportunity Fund Limited
VOF investee Phu Nhuan Jewelry lists on Ho Chi Minh Stock Exchange
Ho Chi Minh City - VinaCapital Vietnam Opportunity Fund Limited ('VOF'), an AIM-quoted investment vehicle focused on Vietnam, announces today the successful IPO of its investee company Phu Nhuan Jewelry, one of Vietnam's top consumer products companies.
Phu Nhuan Jewelry (PNJ) has 90 retail shops and 3,000 wholesalers nationwide. The company holds over 15 percent market share with a range of products including PNJGold, PNJSilver and the premium Cao Fine brand.
PNJ, formerly a private company, listed 30 million shares on the Ho Chi Minh Stock Exchange on 23 March 2009 with an opening price of VND38,000 (USD2.17) per share. The price rose to VND45,600 (USD2.60) per share at the end of trading, resulting in a 20 percent gain for pre-IPO shareholders.
PNJ's 2008 revenue of USD240 million was a 75 percent increase over 2007, while net profit for 2008 rose 9.6 percent to USD7.2 million. PNJ's move to higher margin products including the diamond and gemstone market offers the potential for substantial revenue growth. With the continued high price of gold expected to continue for 2009, revenue is forecast at USD300 million, with net profits of USD10.0 million. This implies a price-to-earnings ratio of 7.8x on PNJ's USD78 million market capitalisation at the close of trading on 23 March.
VOF holds an 11.7 percent stake in the company.
'We are very happy that PNJ has successfully floated on the Ho Chi Minh Stock Exchange, particularly given the difficult market conditions globally. We believe PNJ will continue to perform well and remain among Vietnam's top jewelers for many years due to the company's range of brands, strong distribution and solid management,' says Andy Ho, managing director of VOF's investment manager.
'PNJ is on target to achieve its earnings growth target for 2009. The company reports net profit for January and February at USD3.0 million - nearly 30 percent of our overall target for 2009,' says Andy.
For more information:
Ms Chi Nguyen
VinaCapital Investment Management Limited
Investor Relations
+84 8 821 9930
Hiroshi Funaki +44 20 7845 5960
LCF Edmond de Rothschild Securities, Broker
Alastair Hetherington
Financial Dynamics, Public Relations (Hong Kong)
+852 3716 9802
David Cranmer
Financial Dynamics, Public Relations (London)
+44 207 269 7100
Philip Secrett
Grant Thornton UK LLP, Nominated Adviser
+44 20 7383 5100
Notes to Editors:
VinaCapital Group is the leading asset management firm in Vietnam, with over USD1.6 billion in assets under management as of February 2009. More information is available at www.vinacapital.com.
VinaCapital Vietnam Opportunity Fund Limited (AIM: VOF) (the 'Company'), is a closed-end fund traded on the AIM Market of the London Stock Exchange plc. Launched in September 2003, the Company focuses on the key growth sectors of the domestic economy including financial services, retail, consumer goods, tourism, property, infrastructure, and technology. It makes equity and debt investments in listed, OTC-traded, and private companies, and participates in the privatisation of state-owned companies. The Company's net asset value at 31 January 2009 was USD597 million.
More information about the Company can be found at the Company's website at www.vietnam-opportunity-fund.com.
This information is provided by RNS
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