Singapore's GIC-led consortium to invest $500 mln in Vingroup unit

Credit: REUTERS/REUTERS

A consortium led by Singapore's state investor GIC Pte Ltd has agreed with Vietnam's largest conglomerate Vingroup JSC to buy a stake in one of the latter's units for $500 million, GIC said on Monday.

By Khanh Vu

HANOI, Sept 9 (Reuters) - A consortium led by Singapore's state investor GIC Pte Ltd GIC.UL has agreed with Vietnam's largest conglomerate Vingroup JSC VIC.HM to buy a stake in one of the latter's units for $500 million, GIC said on Monday.

Vingroup will remain the controlling shareholder of the unit, VCM Services and Trading Development Joint Stock Company, after the deal, GIC said in a statement.

A source familiar with the deal said Credit Suisse acted as the sole advisor to Vingroup.

Vingroup, once a real estate and retail conglomerate, has grown to become Vietnam's largest listed firm with a market capitalisation of more than $16 billion. The company recently launched smartphones and cars, and is also looking to enter the artificial intelligence sector.

Last month, Vingroup applied for a licence to launch an airline next year.

(Reporting by Khanh Vu, Additional reporting by Phuong Nguyen, editing by Louise Heavens)

((khanh.vu@thomsonreuters.com; +84 24 38259623;))

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