Under the agreement, SAM will acquire 15 per cent of the My Chau Investment JSC, whose chartered capital is VND160 billion (US$7.05 million) to become its strategic partner. — Photo nhipcaudautu

HCM CITY (Biz Hub) — Fund management firm Saigon Asset Investment on January 5 concluded an agreement to invest in the HCM City-based drugstore chain My Chau.

Under the agreement, SAM will acquire 15 per cent of the My Chau Investment JSC, whose chartered capital is VND160 billion (US$7.05 million) to become its strategic partner. SAM will join the investee's executive board. The value of the deal was not released.

My Chau JSC chairwoman Le Thi My Chau said the investment would help expand the drugstore chain and its online sales, and improve corporate governance.

SAM chairman Louis Nguyen said that My Chau was expected to open six additional stores in areas including Binh Duong, Dong Nai, Vung Tau, Da Nang and Ha Noi this year. Over the three-year period, the company plans to increase network to 80 from the current 10 stores around the country.

SAM manages two funds, Vietnam Equity Holding and Vietnam Property Holding.

These funds have invested more than US$250 million in around 45 companies and projects in Viet Nam.

SAM also invests in private firms in the US and Viet Nam with a focus on the fields of food and beverage, education, healthcare and energy. — VNS