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Tuesday, June 18, 2024

VPBank Securities to invest VND740 billion in Be Holdings

The Saigon Times

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HCMC – VPBank Securities is planning to spend VND739.5 billion acquiring a minority stake in Be Holdings, the parent company of Be Group.

Be Group said that the proceeds from the stake sale would be utilized to expand and enhance their current services, as well as to venture into new markets and introduce more transportation-related services.

This strategic investment is also expected to bolster the financial stability of Be, a multi-service consumer platform, as it works towards its goal of serving 20 million users.

If the deal is forthcoming, VPBank Securities would become the first institutional investor to hold a stake in Be Group, marking a significant milestone for both parties.

In 2022, Be Group secured a loan of up to US$100 million from Deutsche Bank, its foreign banking partner.

Be Group, the creator of the versatile multi-service consumer platform Be in Vietnam, offers a diverse range of 15 services, spanning transportation, food delivery, insurance, and telecommunications. After five years in operation, the Be app has attracted 300,000 drivers and claimed a 35% market share in the domestic ride-hailing sector.

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