Mekong Capital Invests US$1.85 MLN in Saigon Gas
Source: Asia Pulse, 24 August 2005
Mekong Capital, the manager of the Mekong Enterprise Fund, last Friday announced its new investment of US$1.85 million in the Saigon Gas Holdings Corporation.
The fund’s investment takes the form of a convertible loan. This is the ninth Vietnamese company in which the fund has invested since it opened in 2002.
“Saigon Gas has an outstanding track record, having quickly become the largest private LPG (liquefied petroleum gas) distributor in Vietnam,” said Chris Freund, Mekong Capital managing director. He showed confidence in the company’s pro-active management team.
Saigon Gas provides bulk LPG to industrial customers, especially ceramics companies located in Dong Nai and Binh Duong provinces, as well as tanks, installation and maintenance services to industrial customers.
The company is also involved in filling and selling bottled LPG for cooking in HCM City and the surrounding area.
It manufactures cylinders for the bottled LPG business itself and plans to expand its production capacity in the coming year.
The $18.5 million Mekong Enterprise Fund focuses on shares of manufacturing businesses in the private sectors in Cambodia, Laos and Vietnam. Its investors include the Asian Development Bank, the Nordic Development Fund and the Finnish Fund for Industrial Co-operation Ltd.
The Tan Dai Hung Plastic Joint Stock Company, Lac Viet Computing Corp. and Minh Hoang Garment Joint Stock Co. are among its other investments.