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Vingroup sells stake in two units to GIC

Reuters Published on Tue, Apr 17, 2018 / 3:44 PM GMT+8

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HANOI (Apr 17): Vingroup has raised US$1.3 billion ($1.7 billion) by selling a stake in two of its units to Singapore's Government Investment Corp and through a loan, also from the sovereign wealth fund, the Vietnamese property developer said on Tuesday.

The money raised will be used to fund the units' projects,

Vingroup said, adding that Credit Suisse had arranged the deal.

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Vingroup sells stake in two units to GIC