India’s Tata Steel has recently reached an agreement to sell its entire stake in the Vietnam-based joint venture NatSteel Vina. Meanwhile in Myanmar, microfinance company Hayman Capital has raised a new round of debt this year from Asia Green Development Bank.
Tata Steel to sell Vietnam-based asset for over $5m
Indian steel processing giant Tata Steel has reached an agreement to sell its entire 56.5 per cent in the NatSteel Vina joint venture to Vietnam-based company Thai Hung Trading Joint Stock Company, for S$7 million ($5.14 million).
Established in 1993 with Vietnamese state-owned VINASTEEL, NatSteel Vina operates a hot rolling mill with a capacity of 200,000 tonnes per annum in Thai Nguyen, a hub of the country’s steel industry.
In August, Tata Steel cancelled its plans to sell majority stake in the Southeast Asia business to China’s HBIS Group because the latter failed to procure the requisite approvals from the Hebei government.
The Mumbai-based company said on November 6 that it remained committed to divesting its 70 per cent interest in Tata Steel Thailand. Synergy Metals and Mining Fund is carrying out detailed due diligence and preparing for the mandatory takeover process.
“The business environment in India and other geographies continued to be challenging and weighed
heavily on steel prices,” said T V Narendran, CEO and managing director of Tata Steel.
Hayman Capital gets $6m fund from AGD Bank
Microfinance company Hayman Capital Co. Ltd, the Myanmar-based subsidiary of Singapore’s Hayman Capital Pte Ltd, has received a 10 billion-kyat ($6-million) financing package from Asian Green Development (AGD) Bank.
The three-year term loan will be used to support the economic growth of Hayman Capital’s over 28,000 clients across 19 townships located in Yangon, Ayawaddy, Bago and Mandalay regions, the company said in a statement. It will also be used for expansion in Nay Pyi Taw, Sagaing and Magway.
The new fund follows a $2-million debt investment from Swiss social impact investor Symbiotics SA earlier this year and another $2.75-million loan from BlueOrchard Fund in September.
Over its four years of operations, Hayman Capital has had more than 120,000 active clients, $20 million of loan portfolio, $22.75 million in total assets and over $11 million in equity.
Established in Myanmar in 2010, AGD Bank currently has 77 branches throughout the country and an international banking division offering remittance services, foreign exchange and agent banking operations.
