HHS gets investment capital from European firm

Wednesday, Feb 12, 2014 09:46

The total committed capital is expected to be VND324 billion ($16 million).—Photo vnexpress

HA NOI (Biz Hub) — Hoang Huy Investment Services JSC signed an investment agreement in the form of a private placement plus warrants with the European-based Global Emerging Markets (GEM) in Ha Noi yesterday.

Hoang Huy, which is a distribution services company in Viet Nam, is listed on the HCM City Stock Exchange as HHS. And GEM is an alternative investment group that handles a diverse set of investment vehicles across the world; it has completed 305 transactions in 65 countries.

Under the investment agreement,GEM has committed to subscribe for existing shares in HHS, in a private placement of up to VND200 billion (US$10 million) in the next 30 months.

GEM also committed to a new subscription warrant of 4 million shares, meaning that HHS will receive an additional funding of at least US$6 million when the warrants are exercised. The total committed capital is expected to be VND324 billion ($16 million).

GEM's investment in HHS will be an important step for the latter towards achieving its overall strategic goal of becoming a leading automobile trading and distribution service and manufacturing group in Viet Nam.— VNS

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