VietNamNet Bridge – An investment agreement worth $16 million was signed between the Hoang Huy Investment Services JSC (share code: HHS) and Global Emerging Markets (GEM) – an American financial group yesterday.

Huy Hoang and GEM officials at the signing ceremony on February 11.

Accordingly, GEM committed to purchase shares owned by Hoang Huy and its major shareholders in the form of arrangement worth about $10 million in a period of 30 months.

GEM also committed to buy 4 million shares of major shareholders in the agreed price of VND31,000 per share. Thus, GEM will own an additional 124 billion (over $6 million) of HHS shares when the transactions are performed. The total committed capital is up to $16 million.

Olympic Capital Group, Inc. and Asia Global Capital Group are the consulting firms for this transaction.

Hoang Huy expects that GEM’s investment can help it realizes its strategic goal to become a leading organization in auto distribution, services and manufacturing in Vietnam.

HHS recently announced its 2013 financial report with the net sales in the fourth quarter increased 7.3 % over the same period, reaching VND151.7 billion ($7 million). Total revenue in 2013 reached nearly VND499 billion ($25 million), with VND82 billion ($4 million of profit, up 17.3 % over the same period of 2012.

S. Tung