JPMorgan lends $175 mil to Vietnam food maker Masan

TN News

Email Print

The US's largest bank, JP Morgan, has lent a subsidiary of food maker Masan Consumer US$175 million for three years to invest in its consumer business, news website VnExpress reported.

Masan Industrial earlier borrowed from the bank two years ago and is set to repay its matured debt of $108 million.

The new loan carries a lower interest rate than the previous one, the company said without disclosing numbers.

Of the loan, $150 million is guaranteed by the Multilateral Investment Guarantee Agency, a World Bank affiliate, making Masan the first Vietnamese private business to be backed by it.

To get the guarantee, a business has to go through risk assessment by MIGA based on project viability, the sector and its importance to the host country, financial viability, potential for earning export proceeds in freely usable currency, and environmental impacts.

Masan Consumer is the market leader in fish, soya, and chili sauces and the second largest producer of branded instant noodles in the country.

It shares were up 1.7 percent to VND90,000 at the close on July 12. But the stock is down 11 percent for the year.

RELATED CONTENT

This year the company targets 35-50 percent growth in after-tax revenues from VND2.781 trillion ($131.1 million) last year.

Like us on Facebook and scroll down to share your comment

More Business News