Vietnam Digest: Dam Nai Wind Power, Pymepharco in M&A news

Photo: Bloomberg

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.

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.

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.