Where the impacts of the investment may be experienced.
Location: Long An, Ben Tre provinces
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
- International Finance Corporation (IFC)
Bank Risk Rating: B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Board Decision Date: 2015-01-21
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower or Client: THE PAN GROUP JSC
The holder of the loan, grant, or other investment.
The service or industry focus of the investment. A project can have several sectors.
- Agriculture and Forestry
- Industry and Trade
Investment Type(s): Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD): $ 6.63 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD): $ 35.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
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Pan Pacific VN
The proposed investment is a US$6.5 million equity investment in Pan Pacific Corporation ("PAN" or the "Company") to support the company's US$35 million expansion which comprises:
(i) acquisition of a target company in consumer food sector,
(ii) purchase of an additional stake of Long An Food Processing Export JSC ("Lafooco"), cashew processor,
(iii) initial capex to set up a packaged rice business,
(iv) purchase of additional stakes in its subsidiary Ben Tre Aquaproduct Import Export Joint Stock Co ("ABT"), and
(v) acquisition contingency (the "Project").
- International Finance Corporation (IFC)
PAN is an agribusiness conglomerate managing three businesses, namely aquaculture, seed and a legacy cleaning services. Its vision is to become a dominant regional multi-national corporation agribusiness and food conglomerate. PAN is the majority shareholder of Northern Seed Company (NSC) which, a producer and distributor of conventional rice, hybrid rice, glutinous corn, yellow corn and vegetable seeds, and will integrate Southern Seed Company (SSC) into this operation.
PAN also controls a fully integrated aquaculture production in the Mekong Delta, namely ABT, with a pangasius production capacity of 10,000mt/year and white/brown clam (whole shell) sourcing volume of 5,000MT/year. PAN is also partially involved in the processing of packaged cashews, through Lafooco. Lafooco owns three factories in southern Vietnam and is the second largest cashew exporter in Vietnam with an annual capacity of 35,000 MT.
PAN is 19.1% owned by the founding chairman Mr. Nguyen Duy Hung, a reputable Vietnamese businessman and his relatives and 20.9% by Saigon Securities Inc. and its associates. Other major shareholders include TAEL Two Partners Fund Limited (20%), a private equity fund based in Singapore and Mutual Fund Elite (10%), a Finland domiciled mutual equity fund licensed under the EU regulations and focusing on small to medium capitalized companies in Vietnam, China and Hong Kong; and Government of Singapore Investment Corporation (“GIC”, 4.7%), a sovereign wealth fund established by Singapore government in 1981.
Mr. Nguyen Van Khai
Deputy Chief Operating Officer
Pan Pacific Corporation
15th Floor, ICON4 Tower, 243A De La Thanh Street, Hanoi, Vietnam
Tel: (+84-4) 3760 6190
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