An Cuong Wood Working Joint Stock Company yesterday announced it has entered into a strategic investment and development partnership with VinaCapital Vietnam Opportunity Fund, and DEG – Deutsche Investitions- und. — Photo VGP Entwicklungsgesellschaft mbH (DEG).

An Cuong said it is finalising investment of close to US$30 million by a consortium led by VinaCapital.

VOF will invest 70 per cent of the amount and DEG, 30 per cent.

Their investment will represent around 23 per cent of the Binh Duong-based company's charter capital.

Established in 1994, An Cuong manufactures a wide range of products including wood and laminate panelling, flooring and furniture. The company is a manufacturer for well-known brands in Japan, Southeast Asia, the US, and Europe.

Le Duc Nghia, CEO of An Cuong, said: "We are delighted to welcome VinaCapital and DEG as strategic shareholders. One of the reasons we have entered into this transaction is because these two organisations bring not only capital but expertise and a track record of working with their investees."

VinaCapital, founded in 2003, is a leading investment and asset management firm headquartered in Viet Nam, with $1.4 billion in assets under management. — VNS