An Cuong Wood Working Joint Stock Company ("An Cuong") announces the strategic investment and development partnership with VinaCapital Vietnam Opportunity Fund ("VOF"), a London Stock Exchange Main Market traded investment fund, and DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbH ("DEG"), a member of the KfW Group.
An Cuong said it is finalising the investment of close to$30 millionby the consortium led by VinaCapital.
With consistent growth rate of 30%-35% over the past several years, An Cuong has reached an annual turnover of over $70 millionin 2015 with dominant market shares of over 50% in branded MFC panel and 70% in branded laminate panel.
Le Duc Nghia, CEO of An Cuong, said, "We are delighted to welcome VinaCapital and DEG as strategic shareholders. One of the reasons we have entered into this transaction is because these two organisations bring not only capital, but expertise and a track record of working with their investees. They share our commitment to building this business to the next level. We are also gratified that our efforts to operate the company to the highest standards, be it in our environmental, sourcing or labour practices, have been recognized by DEG, which attributes great importance to these issues when considering an investment."
Established in 1994, An Cuong manufactures a wide range of products including wood and laminate panelling, flooring and furniture. Employing approximately 1,300 people, An Cuong operates 10 showrooms acrossVietnam, as well as representative offices in Malaysia,Japan, US,CanadaandAustralia.