Vietnam's VinaCapital explores Thu Cuc Medical stake sale-sources

VinaCapital Vietnam Opportunity Fund

05/06/2023 09:27

By Phuong Nguyen and Yantoultra Ngui
       HANOI/SINGAPORE, June 5 (Reuters) - Vietnamese
investment management firm VinaCapital is exploring the sale of
its minority stake in Thu Cuc Medical System TCI in a deal that
could value the Hanoi private hospital operator at between $150
million and $200 million, said two sources with direct knowledge
of the matter.
    VinaCapital is in talks with at least one financial investor
on the potential sale of its roughly 30% stake in Thu Cuc
Medical, the sources said, declining to be named as the matter
is private. 
    A VinaCapital-led consortium paid $26.7 million for the
stake in 2020, one of the sources said.
    "Because TCI is well-managed and highly regarded, we have,
over time, received a number of inquiries from parties
interested in acquiring our stake," a VinaCapital spokesperson
said in an email to Reuters. 
    VinaCapital has a fiduciary duty to consider all proposals,
the spokesperson said, adding that it routinely uses outside
advisors to help evaluate such proposals. 
    Thu Cuc Medical did not respond to a request for comment.
    The potential sale comes as healthcare assets attract more
interest, with investors betting on the sector's ability to
weather a challenging economic environment.
    Singapore's state investor Temasek Holdings in April
announced the acquisition of an additional 41% stake in India's
Manipal Health Enterprises, giving it a total holding in the
private hospitals operator of 59%. 
    Thu Cuc Medical, formerly known as Thu Cuc International
General Hospital, was founded in 2011. It has a hospital in
Hanoi's Tay Ho district and three other clinics in the capital,
according to its website. 
    VinaCapital has more than $3.9 billion of assets under
management, according to its website, including a closed-end
fund listed on the London Stock Exchange.
    Last month, it partnered with Denmark's A.P. Moller Capital
to launch a transportation and logistics infrastructure platform
to identify and invest in local companies.
    

 (Reporting by Phuong Nguyen in Hanoi and Yantoultra Ngui in
Singapore; Editing by Kane Wu, Kirsten Donovan)
 ((Yantoultra.Ngui@thomsonreuters.com;))