Eurowindow, BankInvest Sign Strategic Investment Deal

 

In early November 2007, the shareholders meeting of Eurowindow Joint Stock Company ratified the plan to increase the company’s chartered capital to VND250 billion and allowed BankInvest to buy into the company. Eurowindow expects to list shares on the Ho Chi Minh City Stock Exchange (HOSE) or Hanoi Securities Trading Centre (HASTC) in early 2008.

Under the deal, BankInvest will partner with Eurowindow as a long-term strategic investor. BankInvest will send experts to positions on the executive board and supervisory board of Eurowindow. BankInvest will help Eurowindow outline strategies for marketing, finance and accounting, production management and new product development. Besides, BankInvest will set up a fund to conduct training courses for Eurowindow employees, worth 6 per cent of the contract value and operated under the Danida programme of the Danish government[SLG1] .

 

After the share issuance to increase equity, Eurowindow plans to restructure its capital sources and supplement working capital for business operations, buy new equipment and invest in Nghia Do urban area development in Hanoi. Eurowindow will join hands with Hanoi Investment and Construction Co. No. 1 to supply windows and doors, and take part in housing projects.

Eurowindow is expanding its business network across Vietnam. It is planning to build its third plant in central Vietnam. In May 2007, Eurowindow was transformed from a wholly foreign owned firm into a joint stock company under the new Investment Law of Vietnam.

 

BankInvest Groupoperates 53 banks in Denmark and throughout Scandinavia. It is now supervising 10 private investment management funds. Besides, BankInvest also manages 45 public investment funds and over 60 private management funds for investment institutions. In September 2006,BankInvest set up Private Equity New Markets Fundin Vietnam. This is a private investment fund with initial capital of US$100 million.