Vien Dong Pharmaceuticals Co (DVD) has completed the private placement of 3 million shares to its Danish strategic partner, BankInvest’s Private Equity New Markets (PENM) fund, at a price of 80,500 VND (4.40 USD) per share.

With this acquisition, the fund increases its holdings in the pharma to 3.6 million shares, equivalent to over a 30-percent stake and enabling it to elect a member to the company’s board of management.

PENM is a 900 million USD private equity fund established by Danish BankInvest Corp in 2006. PENM’s investment focus is on private, non-listed Vietnamese companies with a proven track record and a strong future development potential.
“BankInvest has confidence in Vietnam ’s economic development,” said fund director Hans Christian Jacobsen.

DVD charter capital currently stands at 119.1 billion VND (6.4 million USD), and it gained a capital surplus of 211 billion VND (11.4 million USD) through this issue.

The capital raised would be used to promote technology transfer, licensing, research and development, as well as to fund construction of the Lili of France joint venture factory and other business extension projects over the next two years, Dung said./.