HAFI Names Mirae Strategic Partner

Hanoi Financial Investment Joint Stock Company (HAFI) and ELLISHA Vietnam Joint Stock Company have recently signed an acquisition deal with MIRAE Joint Stock Company. Vietnam Business Forum reporter Huong Thom talked with Mr Nguyen Duc Tho, Deputy General Director of HAFI, on this issue.

HAFI, ELLISHA and MIRAE started negotiations in late 2007. After direct contacts and negotiations, we decided to sign the agreements at this point in time, as an assertion that we will enjoy mutual success with the right corporate valuation. Moreover, ELLISHA is building a factory to produce blankets, bed covers and pillows with the South Korean technology. This is the largest factory of its kind in Vietnam and its first phase is expected to be completed in September 2008. This phase will focus on workshop construction and machinery installation. Hence, the selection of an experienced partner to seek machinery, materials and technology is crucial. As a result, our cooperation has been smooth in spite of unfavourable movements of the stock market.

Now, as the Vietnamese stock and finance markets are unstable and foreign investors are doubtful of the business cooperation environment in Vietnam, the acquisition agreements between HAFI and MARAE, and between ELLISHA Vietnam (in which HAFI holds controlling stake) and MIRAE, on March 2 affirm the success and reputation of HAFI and ELLISHA. The collaboration of HAFI and ELLISHA with MIRAE has made them mutual shareholders, to enjoy all benefits of shareholding such as dividends and options. This event will drive the listing of HAFI and ELLISHA shares on the stock market and build up the confidence of clients, investors, partners and members of HAFI.

MIRAE is a powerful financial entity in South Korea and has made successful investments in many countries in the world, including the US. After studying HAFI and ELLISHA, they made persuasive valuations about us and pledged to invest and support us in capital sources, as well as experience in executing our projects in the coming time. In the partnership, we made a mutual pledge that MIRAE will be a bridge for South Korean financial institutions to study, invest and use HAFI’s services in the coming time. Currently, we are in contact and under negotiation with KTB and TUBE INVESTMENT to materialise this new partnership. We strongly believe that the selection of MIRAE as our strategic partner is the best move for the mutual benefit of HAFI and ELLISHA.

The agreement is a turning point for HAFI and ELLISHA’s projects. Presently, we are investing in three projects, including an international university, HAFI - Hoa Binh urban zone, and a blanket, pillow and bed cover factory under South Korean technology. The investment of MIRAE in HAFI and ELLISHA will create a premise for the general development of HAFI and ELLISHA, in particular, listing for capital mobilisation.

 

Even after entering partnership with a giant institution of South Korea, HAFI and ELLISHA still encounter many challenges such as insufficient international cooperation experience and professional knowledge. However, we fully believe we can overcome these challenges to consolidate our foothold on the Vietnamese stock and finance markets.