Pawnshop F88 raises another $50 million

Lending Ark Asia Secured Debt Funds is the private credit strategy arm of CLSA Capital Partners, headquartered in Hong Kong. Lending Ark Asia specialises in approving and managing investments in the retail lending sector across Asia, Australia and New Zealand. With a total investment value exceeding US$1.1 billion.

Regarding the $50 million loan, Mr. Phung Anh Tuan, Chairman and General Director of F88 Company, said that the new credit will be used to promote F88's business growth plan. F88 Company aims to expand the provision of financial services that meet service standards, are easy and transparent to the underbanked customer base in Vietnam.

F88 pawn shop chain raises another $50 million

In the first half of 2023, revenue of 6 F88 companies increased by 52% compared to the same period in 2022, the total number of customers as of June 30, 2023 increased by 30% compared to the end of 2022. The ratio of operating expenses CIR (operating expenses excluding provisions and bad debt write-offs) to total operating income (excluding financial expenses) decreased by 16% compared to the same period in 2022.

The company also paid VND1,250 billion in principal and interest on bonds to investors on time. At the same time, the debt-to-equity ratio (D/E ratio) was maintained safely at around 1.0 times. These positive indicators are the basis for Fiin Ratings to continue maintaining the credit rating at BBB- for F88, even in the current volatile market situation.

Explaining the unprofitable business results in the first half of 2023, Mr. Phung Anh Tuan shared that it was largely due to the increased cost of risk when the company applied a rather cautious policy of setting aside bad debt reserves compared to usual. Regarding market potential, based on positive economic forecasts for the second half of 2023, in addition to maintaining stable business growth, F88 expects to seize opportunities to expand its customer base to continue to accelerate in the coming time.

Source link: https://thanhnien.vn/cong-ty-cam-do-f88-huy-dong-them-50-trieu-usd-185230906085416217.htm