SN Power AS is set to acquire Vietnam’s Dam Nai Wind Power JSC from Singapore’s Armstrong Asset Management. In a separate development, the Netherlands-based STADA Service Holdings B.V is looking to buy Vietnam’s pharma firm Pymepharco JSC.
SN Power AS acquires Dam Nai Wind Power
Norway-headquartered SN Power AS has signed a binding agreement to acquire Dam Nai Wind Power JSC in Vietnam from Mekong Wind Pte Ltd, which is fully owned by Singapore-based Armstrong South East Asia Clean Energy Fund, according to an announcement.
Armstrong Southeast Asia Clean Energy Fund is a private equity fund managed by clean energy asset manager Armstrong Asset Management (AAM).
The proposed transaction is expected to be completed in the first quarter 2021.
Dam Nai Wind owns and operates the 39.4-megawatt (MW) onshore wind power facility in Ninh Thuan Province, southern Vietnam. Commissioned in late 2017, Dam Nai Wind was one of the first wind power projects in Vietnam to commence operations.
In April this year, the Philippine-listed electricity giant Aboitiz Power Corp (AboitizPower) announced that its planned acquisition of Vietnam’s Mekong Wind had been terminated as some conditions of the deal were not met.
SN Power invests in clean, renewable energy on a commercial basis in Africa, Asia and Latin America. It has a multinational team of experts employed globally in its operations and projects and is headquartered in Oslo, Norway.
German pharma company acquires stake in Vietnam’s Pymepharco
The Netherlands-based STADA Service Holdings B.V. announced the acquisition of six million shares in Vietnamese pharma firm Pymepharco JSC (PME), raising its ownership in the latter to 70 per cent.
According to a report by local media VnExpress, the subsidiary of German pharmaceutical company STADA Arzneimittel AG is looking to eventually acquire 100 per cent stake in PME
The transaction was done through the Vietnam Securities Depository on November 3.
STADA first invested in Pymepharco in 2008. Prior to the current transaction, it was the largest direct shareholder in PME with 62 per cent stake.
In addition to the direct holding of as today, STADA’s related entity also owns another 10 per cent stake at PME. Therefore, through both direct and non-direct, STADA currently holds 80 per cent stake of PME.
Local media reported that the firm has to spend over VND1 trillion ($43 million) to own the remaining 20 per cent stake of PME.
In August, Tokyo-based ASKA Pharmaceutical Co announced that it has completed negotiations to acquire a 24.9 per cent stake in the Vietnamese pharmaceutical company Ha Tay Pharmaceutical JSC.