Vietnam’s leading furniture exporter Truong Thanh Furniture Corporation in Binh Duong Province has sold shares worth US$3 million to the financial institution Aureos Asean Capital Ltd. (ACL), said an executive of the local company.
Vo Truong Thanh, general director of the furniture maker, said his company received US$3 million from ACL yesterday following a contract inked late last year.
He said that selling shares to ACL was part of the company’s plan to list on the stock market this year, under which the company will sell part of its shares to outsiders, and operate as a holding company.
Vo Truong Thanh himself, founder of Truong Thanh Furniture Corporation, has established five factories producing wooden furniture in Binh Duong, Daklak Province, HCMC.
He said that after the Binh Duong-based company is listed on the stock market, “we will brace for the holding corporation model, with the Binh Duong-based company as the parent company and others as subsidiaries.”
Truong Thanh Group is one of the leading wooden furniture manufacturers in Vietnam. The company sets this year’s export revenue target of US$70 million compared to US$40 million last year.
Aureos Asean Capital Ltd. manages total private equity funds of US$100 million and Truong Thanh is the first buy by the company in Vietnam. ACL has set aside US$10.5 million for its investment in Vietnam and may boost the figure to US$40 million in the near future.