International Finance

UOB asset management to acquire VAM Vietnam for $4.9 mn

UOB VAM Vietnam
The acquisition will strengthen UOB’s Asian presence which is in line with its regionalisation plans

Singapore’s UOB Asset Management (UOBAM) plans to acquire VAM Vietnam Fund Management Joint Stock Company for $4.9 million. It will purchase approximately 1.3 million shares of VAM Vietnam. The deal for the company’s 24.53 percent shareholding is valued at $4.9 million, according to media reports. 

The acquisition will boost UOBAM’s Asian presence which is in line with its regionalisation plans. VAM Vietnam will become a subsidiary of UOBAM after completion of the acquisition. Also, the acquisition will not have a material impact on UOBAM’s earnings or net tangible assets for the current financial year.

UOBAM has managed 54 units in Singapore and nearly $35 billion in clients’ assets as of September 30, 2019. 

“The consideration was arrived at on a willing-buyer-willing-seller basis and took into account various factors including the capital, net asset value and assets under management of VAM Vietnam,” UOB said in a statement. 

Nguyen Xuan Minh is the co-founder and chairman of VAM Vietnam. The company mainly invests in public equities, in addition to convertible debt and other equity‐linked instruments.

VAM Vietnam has a net asset value of S$1.53 million. It has assets under management of S$6.72 million, as of October 2019. 

In September, UOBAM announced a 75 percent acquisition of an Indonesia-based PT PG Asset Management. Earlier this year, it launched the United Global Innovation Fund to encourage retail investors to invest in different markets across sectors and industries, the local media reported. 

UOBAM offers investment management expertise to institutions, corporations and individuals through personalised portfolio management services and unit trusts. 

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