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    VIC   VN000000VIC9

VINGROUP JOINT STOCK COMPANY

(VIC)
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Vietnam's Vingroup sells stake in medical unit to Singapore's GIC

12/28/2020 | 05:16am EST

HANOI (Reuters) - A consortium led by Singapore's state investor GIC Pte Ltd is buying a stake in Vinmec, the medical unit of Vietnam's largest conglomerate Vingroup, for over $200 million, Vingroup said on Monday.

In September, Reuters exclusively reported sources as saying that Vingroup was considering selling controlling stakes in both Vinmec and Vinschool, the group's educational unit. At the time, Vingroup said it had no plans to sell stakes in Vinmec or Vinschool.

Monday's press statement said Vingroup would remain the controlling shareholder of Vinmec. A Vingroup spokesman declined to say how large a stake had been sold, citing the "commitment between two sides".

Vinmec operates seven hospitals and five clinics in Vietnam. Credit Suisse acted as the sole advisor to Vingroup, the company said.

Founded by Vietnam's richest man, billionaire Pham Nhat Vuong, Vingroup is omnipresent in the Southeast Asian country.

Just a year ago, one could be born in a Vinmec hospital, go to a Vinschool, live in a Vinhomes apartment and drive to a Vinmart in a Vinfast car.

However, the group sold Vinmart last year, and with the stake sales of Vinmec, Vingroup is scaling back its sprawling business after a rapid expansion created a big debt burden.

(Reporting by Phuong Nguyen; Additional reporting by James Pearson; Editing by Louise Heavens and Susan Fenton)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CREDIT SUISSE GROUP AG -3.48% 8.88 Delayed Quote.-22.11%
VINGROUP JOINT STOCK COMPANY 4.79% 98500 End-of-day quote.2.41%
VINHOMES JOINT STOCK COMPANY -0.72% 83300 End-of-day quote.20.99%
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Analyst Recommendations on VINGROUP JOINT STOCK COMPANY
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Financials
Sales 2021 137 296 B 6 041 M 6 041 M
Net income 2021 3 621 B 159 M 159 M
Net Debt 2021 108 332 B 4 767 M 4 767 M
P/E ratio 2021 65,2x
Yield 2021 -
Capitalization 364 605 B 16 048 M 16 043 M
EV / Sales 2021 3,44x
EV / Sales 2022 2,74x
Nbr of Employees 88 220
Free-Float 24,5%
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Mean consensus OUTPERFORM
Number of Analysts 3
Last Close Price 98 500,00 VND
Average target price 106 037,04 VND
Spread / Average Target 7,65%
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Managers and Directors
Quang Viet Nguyen Vice Chairman & Chief Executive Officer
Vuong Nhat Pham Chairman
Hiep Khac Le Vice Chairman
Marc Villiers Townsend Independent Director
Hang Thuy Pham Vice Chairman
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