[Exclusive] STIC wraps up seven-year investment in ‘Vietnam airport company’ with exit to Japan’s Sojitz [fn Market Watch]

[Financial News] STIC Investments, Inc., a domestic private equity firm (PEF) manager, has successfully exited its investment in Vietnamese airport services company Taseco Airs after about seven years. It is estimated to have recouped about 20.5 billion won by selling its entire 10% stake to Japanese general trading company Sojitz. The cross-border deal saw a Japanese strategic investor (SI) acquire a Vietnamese investment asset held by a Korean PEF.
According to investment banking (IB) industry sources on the 13th, STIC Investments, Inc.’s “STIC Pan-Asia 4th Industry Growth Private Equity Fund” sold all 5.4 million shares it held in Taseco Airs, representing a 10% stake, to Japan’s Sojitz on the 14th of last month. The transaction was valued at about 381 billion dong ($14.6 million), equivalent to about 20.5 billion won.
STIC disposed of its entire stake about seven years after investing in Taseco Airs in September 2019. It acquired 4.5 million shares for about 284 billion dong at the time, and stock dividends subsequently increased its holdings to 5.4 million shares. A simple comparison of the sale proceeds with the initial investment indicates an increase of about 34% in Vietnamese dong terms.
Danish investment fund PENM IV also participated in the deal. PENM IV sold its entire 17.64% stake (9,527,160 shares). The two funds sold a combined 27.64% stake, bringing the total transaction value to about 1.053 trillion dong ($40.5 million).
With the acquisition of the stake, Sojitz became Taseco Airs’ second-largest shareholder. The largest shareholder is Taseco Group, which holds a 51% stake. Taseco Airs shareholders had earlier approved a proposal to exempt Sojitz from the mandatory tender offer requirement in connection with its acquisition of the stake.
Founded in 2005, Taseco Airs is a Vietnamese airport commercial services company. It was listed on the Ho Chi Minh City Stock Exchange in 2018 and operates duty-free shops, retail outlets, food and beverage outlets, business lounges, advertising and aviation-related services at major airports, including Noi Bai Airport in Hanoi, Da Nang Airport, Cam Ranh Airport, Phu Quoc Airport and Tan Son Nhat Airport in Ho Chi Minh City.
The acquisition expands Sojitz’s business into Vietnam’s airport commercial services market. Sojitz has already invested in industrial parks, manufacturing, food and distribution, and logistics in Vietnam. The acquisition of a stake in Taseco Airs is also seen as increasing the potential for links with local consumer and retail businesses.
Meanwhile, the IB industry is paying attention to the deal as an example of a domestic PEF exiting an investment in Southeast Asia.
An IB industry source said, “In particular, given that STIC and PENM, as financial investors (FIs), sold their stakes together to a Japanese strategic investor, this can be viewed as an example of an exit through cross-border M&A within Asia.”

[email protected] Kim Hyun-jung Reporter