UOB’s wholly owned subsidiary UOB Asset Management has entered a deal to acquire 1.13 million shares, or around 24.53 percent, of VAM Vietnam Fund Management from Nguyen Xuan Minh, the bank said in a filing to SGX Monday.
The consideration is 113.68 billion Vietnamese dong, or around S$6.7 million, and will be paid from UOB AM’s internal resources, UOB said.
“The acquisition will further strengthen UOBAM’s Asian franchise and presence, and is in line with UOBAM’s regionalisation plans,” UOB said.
The acquisition is contingent on regulatory approvals in Singapore and Vietnam, the filing said.
Once the approvals are received, UOB AM will acquire another 3.47 million shares in VAM VN, or an around 75.47 percent stake, UOB said. That would make VAM VN a subsidiary of UOB AM, it added.
As of end-October, VAM NV’s net asset value was around 26 billion dong, or around S$1.53 million, and its assets under management were around 114 billion, or around S$6.72 million, the filng said.