Dragon Capital Has No Plan to Divest in Vietnam: Dominic Scriven
Dragon Capital (DC) has no plans to liquidate its portfolio in Vietnam as almost shareholders want to invest more in the local equities, General Director Dominic Scriven said in response to rumor on the fund closure recently.
“I affirm that our investors do not want to withdraw money from Vietnam now. We plan to launch a US$50 million fund to invest in energy sector in the first half of 2010,” Scriven told the Dau tu Chung khoan newspaper.
The DC has also raised its stake in Hoang Anh Gia Lai Group and is seeking more investment in other local companies, he noted.
The CEO said the DC will ask shareholders whether they want to continue investing in Vietnam in the biennial shareholders’ meeting of this year in Sept. or Oct. If not, the fund will liquidate its assets in the next two years.
Over the recent five years, the NAV growth of Dragon Capital was always higher than the market growth, Scriven said. In 2009, its investment funds had a 40% growth compared to that at end-2008 despite the economic slowdown and volatile stock market.
Vietnam Enterprise Investments Limited (VEIL) is now the biggest fund run by Dragon Capital, with a capital of US$400 million. (Securities Investment)
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