Vietnam: VinaCapital sets up Zone Startups; MB Capital ups stake in Gelex

Ho Chi Minh City-based asset management firm VinaCapital has teamed up with Ryerson Futures (RFI) to set up Zone Startups Vietnam while Hanoi-based MB Capital Management JSC has purchased 1 million shares of listed Vietnam Electrical Equipment JSC (Gelex).

VinaCapital sets up Zone Startups Vietnam

Ho Chi Minh City-based asset management firm VinaCapital has teamed up with Ryerson Futures (RFI) to set up Zone Startups Vietnam to support the entrepreneurial ecosystem.

Zone Startups international program has been developing and iterating on their programs since their launch in 2013. They have continued to expand their programs in Canada and India with partners including GE, Bombay Stock Exchange, Axis Bank, Lodha Group, Rogers Communications, Baker Hughes, and Telus, to name a few.

The Zone Startups Vietnam will follow the formula of the international programs that focus on market validation and customer acquisition. Companies accepted into the program will have access to mentors in key areas, as well as extensive networking and fundraising strategies and opportunities.

“Working with entrepreneurs and startups has been a core part of VinaCapital’s business since the company was founded 15 years ago. DFJ VinaCapital was among Vietnam’s first venture capital funds, and over the past ten years has proven to be one of the most successful,” said Tran Nhat Khanh, Head of Technology Investment at VinaCapital, adding that that the startup ecosystem in Vietnam will greatly benefit from an international accelerator program like Zone Startups.

Ryerson Futures was founded over seven years ago. It was initially spun out of a program from Ryerson University that is now the top-ranked university business incubator in the world, operates under the Zone Startups brand internationally.

Over the years Zone Startups have worked with more than 180 startups and helped them raise over $400 million in financing, creating thousands of jobs and helping them generate millions in revenue.

MB Capital lifts its ownership at Gelex to 8.04%

Hanoi-based MB Capital Management JSC has purchased 1 million shares of listed Vietnam Electrical Equipment JSC (Gelex), lifting its ownership to 8.04 per cent from 7.74 per cent currently, according to a disclosure on Ho Chi Minh City Stock Exchange.

It is said that MB Capital spent about VND34 billion ($1.4 million) to increase its ownership in Gelex. The capital management firm purchased 24 million shares of Gelex and became a major shareholder in June at a price of VND16,600 ($0.7).

The electrical equipment producer was privatized in 2010 and has been traded on the UPCoM (unlisted public companies market) since October 2016.

In this January, Gelex listed 266.8 million shares, under the stock code GEX at a price of VND10,000 ($0.44) per share.

Dragon Capital is also a major of Gelex with ownership of 13.6 million shares, equivalent 5.05 per cent stake of the company.

Founded in 2006, MB Capital is one of six subsidiaries of Military Bank providing fund management, asset management and investment advisory for local and foreign investors.

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