- Tram Ho
In early September, the GIC Investment Fund of Singapore announced to lead a group of investors pouring US $ 500 million into VCM Trade and Services Development JSC – a newly established company that owns 100% of Vincommerce , which operates a system of 113 Vinmart supermarkets and more than 1,900 Vinmart + stores.
Prior to this transaction, Vingroup held 64.3% of VCM.
According to the information we obtained, GIC – through its subsidiary Ardolis Investment – and Singapore’s subsidiary of Credit Suisse bought more than 104.66 million common shares, equivalent to 16.26% of VCM. In particular, Ardolis holds 9.76% and Credit Suisse holds 6.5%. Ardolis Investment also directly owns 5.64% of Masan Group.
VCM’s chartered capital has not changed after such transaction. GIC and Credit Suisse bought the existing shares of VCM.
If all USD 500 million were disbursed in exchange for a 16.26% stake, then GIC has valued VCM at USD 3.08 billion, equivalent to VND 71,300 billion – 26% higher than the current market capitalization. Mobile World’s current is US $ 2.44 billion (~ VND 56,700 billion) and slightly lower than Vincom Retail, currently reaching US $ 3.3 billion. Currently on the stock market, there are about 15 enterprises with market capitalization of over 3 billion USD.
The above valuation is an impressive result when the VinMart / VinMart + system has only entered the Vietnamese retail market since the end of 2014 after Vingroup acquired the Ocean Mart system from Ocean Group.
In the past 5 years, Vincommerce has combined both the self-opening of new systems as well as the acquisition of a number of businesses in the industry such as Maximark, Fivimart, Zakka or Shop & Go to become the leading retailer in terms of scale.
Source : Trí thức trẻ