LONDON, June 15, 2016 /PRNewswire/ --
An Cuong Wood Working Joint Stock Company ("An Cuong" or "the
Company") - one of Vietnam's
leading wood-working and decorative materials companies - announces
the strategic investment and development partnership with
VinaCapital Vietnam Opportunity Fund ("VOF"), a London Stock
Exchange Main Market traded investment fund, and DEG - Deutsche
Investitions- und Entwicklungsgesellschaft mbH ("DEG"), a member of
the KfW Group. At an event held today in Ho Chi Minh City, An Cuong said it is
finalising the investment of close to USD30
million by the consortium led by VinaCapital.
Established in 1994, An Cuong manufactures a wide range of
products including wood and laminate panelling, flooring and
furniture. The company is a manufacturer and exporter for
well-known brands in the Japan,
South East Asia, USA and Europe. Recognized as the top wood-based
surface specialist in the country, the company's products meet
international standards for design and quality. Its sustainable
environmental and social ("E&S") practices have been recognized
with an ISO 14001:2004 certification and its products are certified
by Green Label Singapore. As part of its commitment to continuous
improvement in E&S practices, An Cuong is implementing an
E&S action plan with the objective of compliance with the
International Financial Corporation Standards.
Employing approximately 1,300 people, An Cuong operates 10
showrooms across Vietnam, as well
as representative offices in Malaysia, Japan, US, Canada and Australia. Products are manufactured in a
90,000 m2 state-of-the-art facility using the latest manufacturing
technology from Germany and
Italy. An Cuong's wood-based
materials (MFC/ Melamine MDF; Laminates; High Gloss Acrylic; Veneer
and auxiliary products) are used extensively in modern interior
design and decoration such as indoor furniture, door, flooring and
kitchen door/cabinets. An Cuong currently supplies its products to
Vietnam's largest developers and
the Company has been working with thousands of interior design
firms, contractors and local carpenters across the country.
With consistent growth rate of 30%-35% over the past several
years, An Cuong has reached an annual turnover of over USD70m in 2015 with dominant market shares of
over 50% in branded MFC panel and 70% in branded laminate
panel.
Le Duc Nghia, CEO of An Cuong,
said, "We are delighted to welcome VinaCapital and DEG as strategic
shareholders. One of the reasons we have entered into this
transaction is because these two organisations bring not only
capital, but expertise and a track record of working with their
investees. They share our commitment to building this business to
the next level. We are also gratified that our efforts to operate
the company to the highest standards, be it in our environmental,
sourcing or labour practices, have been recognized by DEG, which
attributes great importance to these issues when considering an
investment."
Don Lam, VinaCapital CEO, said,
"An Cuong has been on our radar for some time. It's well managed,
ambitious and innovative, and always looking at how it can expand
in a sustainable way. We are pleased to be partnering with DEG to
help An Cuong further build on its leading position in the industry
and enter a new phase of growth."
Dr. Herbert Baumgartner, director
of DEG's representative office in Bangkok, stated, "DEG is excited about its
cooperation with such an innovative and dynamic company like An
Cuong that shows strong commitment to E&S issues. DEG looks
forward to working with VinaCapital in supporting the company as it
expands its operations thus creating employment opportunities in
Vietnam."
About VinaCapital
Founded in 2003, VinaCapital is a leading investment and asset
management firm headquartered in Vietnam, with a diversified portfolio of
USD1.4 billion in assets under
management. The firm has three closed-ended funds that trade on the
London Stock Exchange: VinaCapital Vietnam Opportunity Fund
Limited, which trades on the Main Market, as well as VinaLand
Limited and Vietnam Infrastructure Limited, which trade on the AIM.
Further, VinaCapital manages the Forum One - VCG Partners Vietnam
Fund, Vietnam's largest open-ended
UCITS-compliant fund. VinaCapital's expertise spans a full range of
asset classes including capital markets, private equity, venture
capital, real estate and fixed income.
About DEG
DEG, a subsidiary of KfW, finances investments of private
companies in developing and transition countries. As one of
Europe's largest development
finance institutions, it promotes private business structures to
contribute to sustainable economic growth and improved living
conditions. DEG's current portfolio in Asia amounts to EUR 2.6
billion.
About An Cuong Wood Working JSC
The An Cuong Wood - Working Joint Stock Company is a leading
company in wood-working and decorative materials in Vietnam's since 1994. We are manufacturer and
distributor for various well-known brands from USA, Germany,
Italy, Spain and Australia in wood and plastic based panels
widely used in interior decoration of houses, apartment buildings,
schools, supermarkets, and offices. Currently, An Cuong has more
than 1,300 employees, 10 showrooms across the country and a factory
in Binh Duong province with an
area of more than 90,000 m2, alongside representative offices
around the world, including Cambodia, Malaysia, Japan, Canada, USA,
and Australia.
All of An Cuong's products are certified by Green Label
Singapore. The company has also received International Certificates
for our product quality including CQ (Certificate of Quality from
Malaysia), SA 8000:2008, ISO
9001-2008, and ISO 14001:2004.
With technology and products of international standards, An
Cuong confidently satisfies all the diverse furnishing needs,
ensuring material durability and consumers' health.
Enquiries:
For VinaCapital:
For VinaCapital:
Jeremy Greenberg
Investor Relations
+84-8-3821-9930
jeremy.greenberg@vinacapital.com
Joel Weiden
Communications
+84-8-3821-9930
joel.weiden@vinacapital.com
Daniel Jason, Peregrine
Communications
Tel (Direct): +44-(0)20-3040-0872
Tel (Mobile): +44-(0)770-2954-837
daniel.jason@peregrinecommunications.com
For An Cuong :
Nguy Thanh Vi (Mr.)
PR Marketing Manager, An Cuong Wood Working JSC
Tel +84(0)909-626-516
Email: viacc@ancuong.com
For DEG:
DEG Press Office
+49-221-4986-1474
presse@deginvest.de