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Bank Invest buys stake in garment firm   2008-10-06 - Viet Nam News

BankInvest's Private Equity New Markets (PENM) fund has signed a contract to become a strategic partner of the domestic Son Kim Fashion Corp. by acquiring a 20 per cent stake in the company.

Son Kim's chartered capital would increase to more than US$4 million, stated Nguyen Van Thanh, the company's general director, in a conversation with Viet Nam News.

The capital from Banklnvest would help Son Kim Fashion Corp. increase production capacity, enhance their brands and expand their distribution network.

Son Kim manufactures international and domestic brands, of underwear and house wear including Jockey, Jox, JBUSS and WOW. It runs 30 shops of its own in addition to 30 stalls in trade centres. It has approximately 200 agents nationwide.

Last year, the company achieved VND130 billion in turnover and expects the figure to rise to VND180 billion by the end of this year.

PENM will also support Son Kim in strategic planning, developing retail systems and attracting high-level personnel.

Son Kim is the eighth investment by Banklnvest in Viet Nam. Others include AAA Insurance Company and Duc Thanh Wood Processing Co.

Banklnvest Group was founded in Denmark in 1969 and now manages US$35 billion in investments. PENM, launched in 2006, is one of its two funds in Vietnam with a combined capital of US$300 million.

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