Yorkville, a management fund specializing in investing in listed companies, has just committed to buying up to 1 billion USD of VFS common shares within 36 months whenever VinFast requests.
VinFast Auto (VFS) has just announced that it has signed an agreement with YA II PN Fund (Yorkville) to purchase VFS shares. According to the agreement, VinFast has the right to request Yorkville to buy up to 1 billion USD of VFS common shares, at any time within 36 months. Terms of the purchase price were not mentioned.
Yorkville Advisors is an American investment management fund with over 20 years of experience investing in listed companies. Yorkville's investment criteria focus on management teams, business fundamentals and stock exchange indices.
VFS started trading on the US Nasdaq exchange from August 15.
“VinFast is a leader in the electric vehicle space. Yorkville is excited to be part of VinFast’s growth and development,” said Mark Angelo, founder and chairman of Yorkville.
According to Mr. David Mansfield, Chief Financial Officer of VinFast, the new capital from this agreement will give this electric vehicle developer flexibility and initiative to continue expanding its business operations globally, while improving the liquidity of the company's shares.
Recently, Mr. Pham Nhat Vuong, Chairman of the Board of Directors of Vingroup Corporation (VIC), announced the donation of 99.8% of shares of battery manufacturing company VinES - an enterprise with charter capital of 6,500 billion VND - to VinFast.
Previously, at the end of April, Vingroup Chairman announced a donation of 1 billion USD to VinFast from his personal assets. Along with Mr. Vuong, Vingroup Corporation also announced a non-refundable grant of up to 500 million USD and a loan of up to 1 billion USD.
By the end of September, Vingroup had disbursed a loan of VND23,000 billion and in September, Mr. Pham Nhat Vuong also donated VND7,000 billion to VinFast.
In the next 6 months, the Vietnamese electric car maker is expected to receive an additional VND12,000 billion in non-refundable funding from Vingroup. In addition, two shareholders controlled by Vingroup Chairman Pham Nhat Vuong, Asian Star Trading & Investment and Vietnam Investment Group (VIG), will donate to VinFast the entire net proceeds from the sale of 46 million VFS shares.
The total amount of money VinFast expects to receive in the next quarters could reach VND29,000 billion.
Minh Son
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