UOB To Acquire VAM Vietnam Fund Management

December 20, 2019

On December 2, 2019, UOB Asset Management Ltd. announced that it had entered into an agreement to acquire VAM Vietnam Fund Management Joint Stock Company.

Pursuant to the agreement, UOB Asset Management Ltd. (“UOB”), a subsidiary of United Overseas Bank Limited, will acquire VAM Vietnam Fund Management Joint Stock Company (“VAM Vietnam”) for total consideration of VND113,680 million cash (approximately USD$4.9 million). The acquisition will be completed in two phases, starting with an initial acquisition where UOB will acquire approximately 1.13 million ordinary shares, about 25% of the issued share capital of VAM Vietnam from its co-founder and chairman, Nguyen Xuan Minh. Subsequently, UOB will acquire the remaining 3.47 million ordinary shares from the remaining shareholders of VAM Vietnam. Upon completion of the transaction, which is subject to receipt of regulatory approvals in Vietnam and Singapore, VAM Vietnam will become a wholly-owned subsidiary of UOB.

VAM Vietnam is a boutique fund manager with a primary focus on public and private equity investment in Vietnam. Its net asset value is approximately VND26 billion, with VND114 billion in assets under management as of October 31, 2019.

UOB is a bank headquartered in Singapore that offers global investment management services to individuals, institutions and corporations. It has S$35.1 billion in client assets as of September 30, 2019.

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Categories

Investment Manager M&A, Transactions