Mekong Enterprise Fund exits Saigon Gas

On Dec 11, Mekong Capital announced the sale of Mekong Enterprise Fund, Ltd.’s investment in Saigon Gas Holdings Corporation to total. Since Mekong Enterprise Fund became an investor in August 2005, Saigon Gas’s revenues have grown by 176 per cent.

 

As part of the acquisition, Total will add an additional 20 distributors to its network; gain importation facilities; and be able to optimize supply chain through various operational synergies, enhancing services to its customers.

 

Mr. Thierry Pflimlin, Senior Vice-President of Total Oil Asia-Pacific, said, “In Asia-Pacific, Vietnam is one of our key countries for development and this opportunity for growth fits well with our strategy in the region. The acquisition will secure Total’s position as one of the leading Liquefied Petroleum Gas (LPG) suppliers in Vietnam, with an increase in gas market share to approximately 15%. It also adds an import terminal in Go Dau to its portfolio.”

 

Mr. Chris Freund, Managing Partner of Mekong Capital, said “We are very pleased by the sale of Saigon Gas to a strategic investor who will continue to expand the business. This transaction also demonstrates that multinational companies continue to be interested to expand their presence in Vietnam, including through M&A transactions.”