GEM and FLC representatives sign an investment agreement in Ha Noi on Thursday. — Photo flc.vn

HA NOI (Biz Hub) ─ The Global Emerging Markets Group (GEM) will invest VND200 billion, or US$9.52 million, in the construction and real estate trading FLC Group, in a year from now.

They signed an agreement in this regard in Ha Noi on August 7, in line with FLC's plans to disburse capital and implement projects during the period, as well as its development plans for the future.

With this, they have taken the first step towards strategic long-term co-operation.

"We are very pleased to have successfully negotiated this deal with GEM. Their investment decision is proof of our sound business strategy and a good sign for the Vietnamese property market," FLC Chairman Trinh Van Quyet said in a news release.

GEM was also committed to buying three million FLC shares at a price of VND20,000, or $0.95, per share.

The transactions will be arranged by financial advisory service provider ABB Merchant Banking Viet Nam JSC.

GEM is a $3.4 billion alternative investment group that manages investment vehicles focused on emerging markets across the world. It has invested in 305 companies in 65 countries.

FLC is based in Ha Noi and has a market capitalisation value of nearly $100 million. Its shares closed up 0.4 point at VND13,600, or $0.65, per share on Thursday on the HCM City Stock Exchange. ─ VNS