Vietnam's first private equity golf club has been established in Ho Chi Minh City and the initial share offering is underway.
Only shareholders of Saigon Golf Club Joint Stock Company will be entitled to become members of the club.
Shareholders can choose to apply for membership or treat their shares purely as an investment. There will be a maximum number of 600 shares made available, according to a press release from Saigon Development and Investment Corporation (SDI), the developer of the golf course in An Phu, District 2.
The club's management team will report to a board made up of members duly elected from the body of shareholders.
Designed by Greg Norman, who has played on many of the world's great golf courses in his 25-year career, Saigon Golf Club will be the first genuine inner city golf course in Vietnam, and probably remain the only one, SDI said.
Recognized as one of the world's best seven golf courses under construction, Saigon Golf Club will be one of Norman's few signature courses in Asia, according to SDI. Construction is scheduled to take until the end of 2012.