Mekong Capital buys $3.4 mln stake in chemical firm
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The Mekong Capital-managed Enterprise Fund II on Tuesday concluded a deal with the joint stock Asia Chemical Corporation (ACC) to pick up an undisclosed stake in the specialty chemicals distribution company for US$3.4 million.
It is the 10th and final company in which the $50 million MEF II will invest since its launch in June 2006.
Nguyen Thien Truc, ACC's CEO and founder, said he signed the deal because of Mekong Capital's thorough understanding of private enterprises in Vietnam.
He said his company targets a spot among the country's top three distributors of chemicals and chemical ingredients and the leader in the latter segment.
ACC supplies products — and services — to the food and beverage, dairy, seafood, instant noodles, pharmaceutical, feed, veterinary, bakery, confectionery, personal care, cosmetic, and paint and coatings industries.
It sources products from some 300 suppliers world-wide, warehouses them in its own facilities, and sells to 1,300 customers around Vietnam.
Last year it began manufacturing specialty chemical products like non-dairy creamer and silica gel for export.
