May 25, 2018
Latham & Watkins advised Vinhomes Joint Stock Company (Vinhomes) on an investment by GIC Private Limited (GIC) for GIC to purchase ordinary shares in Vinhomes from certain Vinhomes shareholders and to extend a debt-like instrument to Vinhomes, subject to satisfaction of mandatory regulatory and other conditions precedent. The combined value of the GIC investment and instrument is approximately US$1.3 billion.
Latham also advised Vinhomes on its US$1.35 billion initial equity offering (IEO) and listing on the HOSE, the largest IEO in Vietnam to date.
Latham has now advised on the three largest IEOs in Vietnam to date, having previously represented Vincom Retail, the largest retail property developer, owner and operator in Vietnam, on its IEO of over US$740 million in 2017; Vietnam Technological and Commercial Joint Stock Bank (Techcombank), one of the largest private joint-stock banks in Vietnam, on its pre-IEO equity raising efforts of over US$370 million in April 2018; and Techcombank on its US$900 million HOSE listing which is expected to be completed in early June.
Hong Kong partner Amy Beckingham commented: “We are delighted to partner once again with our valued clients Vingroup and Vinhomes on this landmark transaction. The deal represents one of the largest ever private investments into Vietnam and also the largest ever IEO on the HOSE.”
Sharon Lau, Office Managing Partner of Latham & Watkins in Singapore, added: “We are proud to have advised on this milestone transaction, which further highlights the firm’s ability to advise on innovative, first-of-a-kind transactions in the Vietnam market.”
The Latham & Watkins corporate team was led by Hong Kong partner Amy Beckingham and Singapore partner Sharon Lau, with Hong Kong associates Maurice Conway, Edward Tang, and Bing Xi Sia, and Singapore associates Stacey Wong and Alison Joseph.