VinaCapital change of shareholding and Board changes

3 April 2012

VinaCapital Group

Change of shareholding and Board Changes

VinaCapital Group (“VinaCapital”), the largest asset management company in Vietnam, announces that there has been a change in its ownership, whereby a consortium of cofounding shareholders and management, lead by Don Lam, Chief Executive Officer, Jonathan Choi, Chairman of Sun Wah Group, and Katherine Yip, Chairwoman of KYG International, have acquired the shareholdings in the Group previously held by fellow cofounder, Horst Geicke and other parties.  

The purchase will enable greater equity participation by the Group’s senior management.  It will have no impact on the strategic direction or day-to-day operations of the Group. Don Lam will continue as an Executive Director and Chief Executive Officer and becomes the largest shareholder in the Group.  Jonathan Choi’s acquisition of shares makes Sun Wah Group the second largest shareholder in the Group.

Jonathan Choi has joined the VinaCapital Group Board as co-chairman for an interim period, after which time he will be appointed as sole Chairman.  Katherine Yip will also join the Board as a Director.  Following the acquisition, Horst Geicke and Ted Powers have resigned from the Board of the Group.

The investment strategy and operations of the listed funds managed by VinaCapital Investment Management Ltd., a wholly owned subsidiary of the Group, remain unchanged. VinaCapital remains committed to its aim of sourcing and investing in sound opportunities in high-margin, high-growth areas in Vietnam, and intends to strengthen its market leading position in the region.

Jonathan Choi, Chairman of Sun Wah Group and Co-chairman of VinaCapital Group, commented: “Sun Wah Group is pleased to have increased its equity investment in VinaCapital.  After several years of slowing down, Vietnam is now showing the early signs of an economic recovery, which should benefit VinaCapital’s funds.”

Terence Mahony, Co-chairman of VinaCapital Group, commented: “We believe these changes mark a new phase for the company as we look to the future with a unified vision and a renewed focus. VinaCapital is uniquely positioned as an international asset management company led by a strong Vietnamese team.”

Don Lam, Chief Executive Officer of VinaCapital Group, commented: “Vietnam is at a turning point and so it seemed an opportune time to restructure ownership in order to broaden management participation in the ownership of the Group to more strongly align management’s interests with those of the funds.  We appreciate the contribution Horst has made in the founding and its subsequent development of VinaCapital and wish him the very best for the future.”

Notes to Editors:

About VinaCapital Group

VinaCapital is the leading investment management and real estate development firm in Vietnam, with a diversified portfolio of USD1.6 billion in assets under management. VinaCapital was founded in 2003 and boasts a team of managing directors who bring extensive international finance and investment experience to the firm. Our mission is to produce superior returns for investors by using our experience and knowledge to identify the key trends and opportunities that emerge as Vietnam continues to develop its economy. To achieve this, VinaCapital has industry-leading asset class teams covering capital markets, private equity, fixed income, venture capital, real estate and infrastructure.

VinaCapital manages three closed-end funds trading on the AIM Market of the London Stock Exchange. These funds are: VinaCapital Vietnam Opportunity Fund Limited (VOF), VinaLand Limited (VNL), and Vietnam Infrastructure Limited (VNI). VinaCapital also co-manages the DFJ VinaCapital L.P. technology venture capital fund with Draper Fisher Jurvetson.

VinaCapital has offices in Ho Chi Minh City, Hanoi, Danang, Nha Trang, Phnom Penh (Cambodia) and Singapore. More information about VinaCapital is available at www.vinacapital.com

About Sun Wah Group

A founding shareholder of VinaCapital, Sun Wah Group established in Hong Kong in 1957 is a diversified conglomerate with businesses in six principal areas: Financial Services, Real Estate, Infrastructure, Food and Seafood, Technology and Media, and  has subsidiaries in Hong Kong, Macau, Mainland China, Southeast Asia, Canada, the USA and Australia, including Toronto-listed Sunwah International Group and Hong Kong-listed Sunwah Kingsway Capital Group, with over 20 years of capital market expertise. Sun Wah Group has invested in Vietnam for more than 40 years.  Its development projects include Sun Wah Tower and Saigon Pearl in Ho Chi Minh City. It is one of the major exporters of Vietnamese seafood and coffee. Through Sun Wah Foundation, its charity, it has enabled international exchanges on education, art and culture for Vietnam.
More information about Sun Wah Group is available at www.sunwahgroup.com.

Enquiries:
David Dropsey
VinaCapital Investment Management Limited
Investor Relations/Communications
+84 8 821 9930
david.dropsey@vinacapital.com

Philip Secrett
Grant Thornton Corporate Finance, Nominated Adviser
+44 (0)20 7583 5100
philip.j.secrett@uk.gt.com
 
Hiroshi Funaki
LCF Edmond de Rothschild Securities, Broker
+44 20 7845 5960
funds@lcfr.co.uk

David Benda / Hugh Jonathan
Numis Securities Limited, Broker
+44 (0)20 7260 1000

Mark Walters
FTI Consulting, Public Relations (Hong Kong)
+852 3716 9802
mark.walters@fticonsulting.com

Andrew Walton
FTI Consulting, Public Relations (London)
+44 (0)20 7269 7204
andrew.walton@fticonsulting.com