September 9, 2019 / 9:04 AM / a month ago

UPDATE 1-Singapore's GIC-led consortium to invest $500 mln in Vingroup unit

(Adds details and background)

By Khanh Vu

HANOI, Sept 9 (Reuters) - A consortium led by Singapore’s state investor GIC Pte Ltd has agreed with Vietnam’s largest conglomerate Vingroup JSC to buy a stake in one of the latter’s units for $500 million, GIC said on Monday.

Vingroup will remain the controlling shareholder of the unit, VCM Services and Trading Development Joint Stock Company, after the deal, GIC said in a statement.

A source familiar with the deal said Credit Suisse acted as the sole advisor to Vingroup.

Vingroup, once a real estate and retail conglomerate, has grown to become Vietnam’s largest listed firm with a market capitalisation of more than $16 billion. The company recently launched smartphones and cars, and is also looking to enter the artificial intelligence sector.

Last month, Vingroup applied for a licence to launch an airline next year.

Reporting by Khanh Vu, Additional reporting by Phuong Nguyen, editing by Louise Heavens

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