Dream Incubator’s Kyohei Hosono is Viet Nhat Medical Instrument’s new chairman

JVC chairman

Kyohei Hosono, who represents the investment of Japan’s private equity firm Dream Incubator Inc and its DI Asian Industrial Fund LP in Viet Nhat Medical Instrument JSC (JVC), has replaced Le Van Huong to be the company’s chairman, after Huong was arrested for his alleged financial frauds.

Huong was also holding the position of JVC’s chief executive. Nguyen Huu Hieu has been appointed to replace him.

Concerns have been raised since mid June, when the company stock price plummeted due to rumours about its opaque operation. The price continuously fell, to reach VND9,900 ($0.46), from around VND23,000.

In addition, a group of foreign funds, that includes Amersham Industries Limited – a unit managed by Dragon Capital, and two Irish funds Balestrand Limited and DC Developing Markets Strategies Public Limited Company, have reduced their holdings in JVC – from a combined stake of 9.21 per cent to 8.83 per cent.

Meanwhile, Vietnam Holding Limited purchased more than 695,000 shares to increase its stake to 5.13 per cent.

Also read: Japan’s Dream Incubator sets up $100m second fund, to invest in Vietnam, India & SEA

Hosono, the new chairman, has affirmed that the company is operating normally, and that the Japanese fund will continue to accompany JVC in the long term.

“A four-year strategic partner of JVC, Dream Incubator – including myself – has been actively supporting the company in its expansion and development of new business models. […] There are reasons to believe in JVC’s sustainable growth,” Hosono said in a letter released Wednesday night.

“As a Japanese investment fund, we had evaluated this company very carefully before entering the partnership,” he added.

JVC has a long operation period of 15 years, a strong clientele and qualified staff, who received training in Japan sponsored by Dream Incubator.

“We retain tight relationships with almost all clients and distributors,” Hosono said, adding that particularly, Japanese partners are confident in the new leaders.

Hosono has worked in the public and private investment sector for more than 20 years, including five years in Vietnam. He is a Michigan University’s master of public policy graduate, with a bachelor degrees in Russian language from Tokyo University and international relation from St. Petersburg University.

Meanwhile, the new CEO, Hieu, has eight years working for JVC as sale director. In the past few years, he was helping to expand the business network in the south of Vietnam.

JVC aims to boost its revenue and profit in 2015 by 25 per cent and 39 per cent, to reach VND1.4 trillion and VND305.76 billion, respectively.

Also Read:

Vietnam central bank to take over troubled VNCB

OceanBank gets another new chairwoman

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.