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."
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.
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.
Daniel Jason, Peregrine Communications
Tel (Direct): +44-(0)20-3040-0872
Tel (Mobile): +44-(0)770-2954-837
For An Cuong :
Nguy Thanh Vi (Mr.)
PR Marketing Manager, An Cuong Wood Working JSC
DEG Press Office
SOURCE VinaCapital Vietnam Opportunity Fund Limited