The Edge

Berjaya Corporation Bhd (BCorp) is venturing into Vietnam’s capital market via a joint venture formed to undertake securities investment fund management and portfolio management.

In a statement, BCorp said its subsidiary Inter-Pacific Capital Sdn Bhd (IPC) yesterday signed a 49% equity subscription agreement with ThepViet Capital Fund Management Joint Stock Company in Vietnam.

Under the agreement, IPC will subscribe for 24.5 billion dong (RM4.75 million) of new and additional charter capital in ThepViet, resulting in an effective equity interest of 49% in the company.

“This represents an opportunity for Berjaya to participate in the growing capital market in Vietnam and its expanding economy,” BCorp said.

ThepViet is a fund management company that has been granted a 50-year business licence by the State Securities Commission on April 14, 2008. Its investment scope includes real estate, private equity, mergers and acquisitions, listed stocks and fixed income instruments and derivatives.

ThepViet is a member of the ThepViet group of companies, which is the second largest private sector company in Vietnam in terms of revenue (2007: US$450 million or RM1.48 billion) and engaged in steel manufacturing, wholesale and retail of construction and interior decoration materials and real estate development.

BCorp said the investment was subject to the approvals of the Vietnam State Securities Commission and the relevant authorities in Malaysia.