IFC funnels $10.2m into Vietnam agribusiness
IFC takes approximately 10.4 per cent equity in the farming company with this financing. Dealstreetasia had reported IFC’s proposal to invest in the firm in February this year.
The investment will facilitate the expansion of PAN Farm’s existing seed business and new export-quality flower, fruit and vegetable operations, IFC said in a Thursday statement. The institutional investor said it is committed as “a long term partner” of the company as well as Vietnam’s agriculture sector, following partnerships with private equity-backed Loc Troi Group and Anova Corp. IFC had also funded the parent firm The PAN Group in a $6.5 million deal in 2015. The latest round is part of the group’s $28 million fundraise, according to an earlier investment proposal by IFC.
“Our priority is to support the Vietnamese agriculture sector by helping build productive, efficient and climate-resilient crops. With IFC’s support, PAN Farm’s food safety and environmental and social standards will match international best practices and boost local industry standards,” said Kyle Kelhofer, IFC country manager for Vietnam, Cambodia and Lao. IFC had a 5 per cent interest in The PAN Group, which was then Pan Pacific, from its maiden investment in January 2015.
source: dealstreetasia.com
