Mekong Capital has sold its stake in Tan Dai Hung, a Vietnamese maker of polypropylene and polyethylene woven bags for food packaging, via the public markets.
Mekong Capital announced the completion of Mekong Enterprise Fund’s sale of its shares in Tan Dai Hung Plastic Joint Stock Company (“Tan Dai Hung”). The Mekong Enterprise Fund originally invested in Tan Dai Hung in March 2003, which was the Fund’s first investment.
Tan Dai Hung’s shares were listed on the Ho Chi Minh City Securities Transaction Center in November 2007, and the Fund sold its shares in Tan Dai Hung from May 2009 through August 2009, representing a total investment holding period of 6 ½ years.
Including Saigon Gas and Duc Thanh, this is the third full divestment of Mekong Enterprise Fund. Mr. Chris Freund, Managing Partner of Mekong Capital, said “Having been our first investment in Vietnam in 2003, Tan Dai Hung carries special significance for us. We acknowledge the Chairman, Mr. Pham Trung Cang, for leading the company to consistently identify and capture new market opportunities. We are pleased that this was a profitable investment for the Fund.”
About Tan Dai Hung
Tan Dai Hung is a leading manufacturer of PP (polypropylene) and PE (polyethylene) woven bags for packaging rice, fertilizer, animal food, and other agricultural products. Mainstream products include PP woven shopping bags laminated with printed OPP film, inside or outside laminated PP woven bags, PP woven bags inserted with PE liner, PP bags printed on two sides with 7 colors, Raschel bags, Leno bags, big bags, box bags, Geo-textile fabric, ground cover fabric, silt fence fabric, etc.
About Mekong Enterprise Fund, Ltd.
The $18.5 million Mekong Enterprise Fund, Ltd. is a private equity fund focusing on equity investments in private entrepreneurial businesses in Vietnam. The Fund was launched in 2002 and invested in ten private companies founded and managed by private Vietnamese entrepreneurs. The Fund is in its divestment stage and is in the process of divesting its investments, which is expected to be completed by 2012.
After the $18.5 million Mekong Enterprise Fund, Mekong Capital launched the $50 million Mekong Enterprise Fund II in 2006, and is in the process of launching the $150 million Mekong Enterprise Fund III in 2009. Mekong Capital also manages the $100 million Vietnam Azalea Fund. For more information on Mekong Capital, please visit the company’s website at http://www.mekongcapital.com.