Mekong Capital on Friday announced that its Mekong Enterprise Fund III Ltd (MEF III) has committed to invest US$7.6 million in Ben Thanh Jewelry Joint Stock Company (BTJ).

This is the fourth investment deal inked for MEF III since its launch in May 2015.

The new investment is expected to help Ben Thanh Jewelry launch a new chain of fine jewelry retail in Viet Nam under the name PRECITA.

“BTJ used to be a wholly state-owned company specialising in manufacturing, processing, importing and exporting jewelry. Following its equitisation in 2003, it has achieved great progress and is now choosing MEF III as a strategic investor because of the added value that the fund and its management company, Mekong Capital, will bring to our company,” Shipra Jain, CEO of Ben Thanh Jewelry, said in a statement.

Founded in 1987, Ben Thanh Jewelry, a member of Ben Thanh Group, is one of the oldest gold & gem stone retailers in Viet Nam. In 2016, the company recruited global professional managers to join its management team to develop a new chain of fine jewelry retail named PRECITA.

PRECITA, which focuses on latest designs imported from large jewelry markets and Western trends along with exclusive local designs, aims to redefine industry standards of value to customers and product integrity.

Launched in May 2015, MEF III is a private equity fund with $112.5 million in committed capital. It focuses on investments in Vietnamese consumer-driven businesses such as retail, restaurants, consumer products, and consumer services, with targets of $6-15 million on each investment (both minority and buy-out deals).

In March, Mekong Capital said it would make four new investments in the first half of 2017, targeting unlisted firms in the retail, education and transport sectors. – VNS