Phan Minh Thong, General Director of Phuc Sinh JSC, said the fund would not participate in operating the business but simply provide financial support. This has been the first time the company received foreign investment in 22 years of operation. The deal was completed after 18 months of negotiation.
Phuc Sinh JSC has announced that the company successfully sold shares to an investment fund from Europe for an undisclosed amount.
Phan Minh Thong, general director of Phuc Sinh JSC, said the fund would not participate in operating the business but simply provide financial support. This has been the first time the company received foreign investment in 22 years of operation. The deal was completed after 18 months of negotiation.
“In the context of a limited capital market, having an investment with a moderate capital price is very meaningful. We are valued at US$320 million. The amount is not too large but not small either, which could help us build two coffee processing factories this year,” Thong said.
He added that in recent years, many companies wanted to invest in Phuc Sinh. However, they were refused because of not properly evaluating Vietnamese agriculture value, which is very low compared to companies in Thailand, Malaysia, Indonesia, and even the Philippines.
“Vietnam's agricultural industry is developing strongly and has many opportunities to attract foreign investment. Phuc Sinh Group also wants to raise more capital to develop factories, and also call for additional capital specifically for the K-Coffee coffee chain. However, we only accept financial investment and do not need strategic investors,” he said.
Established in 2001, Phuc Sinh Group is one of the leading exporters of pepper, coffee, and agricultural products in the country. In the spice industry, the company has been leading since 2007.
A recent report from SFV-Export (the project to strengthen export capacity for small and medium enterprises in Vietnam's spices, vegetables, and fruits industry) showed that Phuc Sinh is the largest exporter of Vietnamese spices to the EU, with a 15.1 percent market share, a sharp increase from 8.4 percent in 2022.
(VNS)