Asia Pacific Investment JSC (API), a Vietnamese real estate investment company, said it raised VND100 billion ($4.65 million) through private placement to foreign investors.
After the non-public offer, the company’s capital reached VND364 billion ($16.93 million).
Accordingly, Lucerne Enterprise Ltd, a fund led by Indonesian conglomerate Salim Group, purchased 7.3 million shares to surpass Cayman Island’s ASEAN Smallcap Fund to become API’s biggest shareholder by 27.7 per cent.
This is its second tranche of share acquisition in API. The Indonesia-headquartered fund is currently holding stocks in other Vietnamese realty firms like Hoa Binh Construction and Real Estate Corp, Song Da Infrastructure Construction, Tasco and Ba Ria – Vung Tau House Development, etc.
ASEAN Smallcap Fund has increased its stake to 12.52 per cent by buying another batch of 650,000 API shares.
In addition, other foreign buyers of API shares included OPTIS Global Opportunities Fund (400,000 units) and individual investor Antonius (200,000 units).
API said in a statement that the proceeds from the placement will help it disburse resources to important realty projects. The Hanoi-based firm is investing mainly in the north of Vietnam, with the total area of land mounting to 600 hectares.
Since the beginning of this year, API has met with a number of foreign private equity funds, including Finland’s PYN Fund Management, Terra Partners Asset Management Limited as well as several investors from South Korea and Italy, to promote opportunities of investment and partnership.
API said it will closely work with the funds for future deals, particularly with the $250 million Malta asset management company, which has pledged to invite more foreign organisations to learn about its operation.