Ton Poh Thailand Fund picks 6% stake in Vietnam’s CotecCons

Visual from the company website

Indochina Holdings Group Ltd has finished selling three million shares in Cotec Construction JSC (CotecCons) to fully exit the 7.12 per cent stake in the company, as previously registered.

The transaction was executed within two days from March 25 (2.5 million shares) to 26 (0.5 million shares) through negotiation method. The total negotiated transfer value was VND199 billion ($9.26 million).

Meanwhile, CotecCons has announced that The Ton Poh Thailand Fund has become its largest shareholder by purchasing 2.5 million shares on March 25 on the stock exchange, and is currently holding 5.92 per cent.

Therefore, the batch of share sold by Indochina Holdings could have been bought by the Thai fund; making it the fund’s first investment in the Vietnamese public market.

The average price of the Indochina Holdings sale was VND66,333, while CotecCons stock price has remained at VND70,000 since March 25.

CotecCons registered capital is of VND422 billion ($19.6 million) and reported a profit after tax of nearly VND357.5 billion ($16.6 million) last year, increasing 39 per cent over a year earlier.

It is the construction partner of many large realty projects, like Novaland Group’s Lexington Residence in Ho Chi Minh City, textile firm Shenzou International Group’s Gain Lucky factory in the southern Tay Ninh Province and the Masteri Thao Dien residential complex.

Recently, a number of Thailand investors have forayed the Vietnamese market, mostly through direct investment. Recent deals are involved with the retail and manufacturing sectors.

The Ton Poh Thailand Fund can open a new trend of Thai investment, which will see more Thai funds expanding their portfolios to Vietnam.

Related stories:

AEC Effect: Thailand cos foray into Vietnam

Thai Central Group acquires VN’s Nguyen Kim

Singha joins ThaiBev in race for VN’s SABECO

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.