IFC invests $6.5m in Vietnam’s Pan Pacific

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The International Finance Corporation (IFC), a member of the World Bank Group, has invested $6.5 million to support Pan Pacific Corp’s expansion in the agricultural and food sector, a fundamental pillar of Vietnam’s economy that creates jobs and brings in substantial export revenues.

IFC’s equity investment represents about 5 per cent of the share capital of Pan Pacific, a Vietnamese agribusiness and food company established in 1993 and listed on the HCM City Stock Exchange. The financing will help the company realise its long-term strategic plan of acquiring and consolidating more agricultural and food businesses.

Pan Pacific will adopt good environmental and social practices in these businesses to ensure sustainability.

“Pan Pacific welcomes IFC among our group of extraordinary international and domestic investors,” said Michael Rosen, Pan Pacific’s CEO. “IFC’s support in building Pan Pacific’s food consumer business helps us move toward our goal of becoming a leading regional agriculture and food company.”

The agricultural sector, including fishery and forestry, is growing fast in Vietnam and accounts for more than 20 per cent of the country’s gross domestic product and 28 per cent of export revenues.

In addition to financing, IFC will help Pan Pacific pursue sustainable development by adopting IFC Performance Standards and the World Bank Group Environment, Health and Safety Guidelines. IFC will also help the corporation raise corporate-governance and business-transparency standards.

“Vietnam has a comparative advantage for primary agricultural production and IFC supports the sustainable development of this sector,” said Vipul Prakash, IFC’s Director of Client Services for East Asia and the Pacific. “Our financing and advice will help Pan Pacific set benchmarks for responsible production in line with international industry best practices in Vietnam.”

IFC has significantly scaled up its investments in agribusiness over the last few years. In fiscal 2014, IFC invested $4 billion across the agribusiness supply chain – from farm to retail – to help boost production, increase liquidity, improve logistics and distribution, and expand access to credit for small farmers.

At the end of the fiscal year, IFC’s overall agribusiness portfolio stood at $6.1 billion.

At the time of filing this report, PAN’s shares were being traded at VND40,500 ($1.9), up 0.2 per cent.

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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.