(SGT-HCMC) Hoang Anh Gia Lai Corp., involved in a large swathe of business fields from realty to wood processing and tourism, signed agreements yesterday to sell stakes to three strategic partners in a move to sustain its fast growth and boost expansion.

The corporation under the deals sold four millions shares to France’s investment fund Jaccar, three million shares to Saigon Securities Inc. (SSI) and one million to the Saigon Commercial Joint Stock Bank (Sacombank).

Hoang Anh Gia Lai chairman Doan Nguyen Duc did not reveal the total values of the shares sold. But he told the Daily after the signing ceremony here that the three financial institutions now held 20% of the corporation’s total shares.

Duc said the partners would help enhance the corporation’s financial strength and management as they were among leading organizations in investment, securities and banking. He stressed the importance of Jaccar’s participation as the fund has invested over US$1 billion in Vietnam and China.

Jaccar chairman Jacques de Chateauvieux told the signing ceremony that his fund bought into Hoa Anh Gia Lai as the fund was confident in the future of the corporation and Vietnam. “We have witnessed what’s happening in Vietnam,” he said plainly.

Chateauvieux said Hoang Anh Gia Lai was on the development course, and Jaccar wanted partnership with the corporation to build it into a stronger company operating in wood, granite and latex processing, construction, hotel and resort, and football.

SSI chairman Nguyen Duy Hung said the corporation’s brand had spread beyond Vietnam to Southeast Asia and Europe as it had signed a deal with the British football club Arsenal to develop an institute to train talented footballers in Pleiku City.

Hung added Hoang Anh Gia Lai had potential for stronger growth and expansion as the corporation was carrying out large projects. Sacombank’s vice chairwoman Huynh Que Ha said the corporation had the ability to become a strong economic group.

In the first shareholders’ meeting of Hoang Anh Gia Lai last year, Duc told the Daily that trillions of dong would be spent on big office, hotel and apartment projects in Vietnam and overseas in the next four years.

The on-going real estate projects will be completed in 2009. The corporation will commence new projects including 4,000 apartments near Phu My Hung this year.

Duc stressed Hoang Anh Gia Lai would strive to become a leader in luxury and medium-class apartments in 2012 when it will have built 15,000 apartments in total.

Hoang Anh Gia Lai posted an annual average growth of 30% over the past years. The corporation earned revenues of VND289 billion and after-tax profit of VND50.5 billion last year. The estimates are VND813 billion and VND158 billion this year and more than 1.4 trillion and VND300 billion respectively in 2010.

Hoang Anh Gia Lai will invest US$20 million or more in growing 10,000 hectares of rubber trees in Laos and 5,000 hectares more in Vietnam from 2012. It will become a listed company in the second quarter of 2008.

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