ICP and BankInvest to the big sea
After a two-month negotiation, the signing ceremony between ICP and BankInvest was carried out solemnly at Sheraton Hotel. Under the agreement, BankInvest will invest 9.6 million US dollars into ICP, becoming the second strategic shareholder of ICP after Mekong Enterprise Fund II.
Mr. Phan Quoc Cong, President of ICP said that: “In the every stage of development, ICP always chooses appropriate partners. While Mekong Enterprise Fund II helped us transfer from a limited liability to a joint- stock company, BankInvest will help us boost our current businesses, expand into other consumer goods areas, build advanced and modern systems, and attract high-level human resource”.
Mr. Han Christian Jacobsen, Managing Director of PENM, said that the joint target of both sides is to ensure ICP’s sustainable growth. He highly appreciated ICP’s performance in recent years and believed that ICP will make a breakthrough in exporting products.
With recent movements in the financial market, many enterprises have chosen investment funds to raise capital. However, such partnership requires extensive efforts. ICP case has shown that funds will pay attention to transparency, good corporate governance and long-term strategy. According the agreement, BankInvest will not participate in daily operation butonly play the advisory role.
“There are many investment funds in Vietnam. We chose BankInvest because they cannot only provide us with financial assistance but deep experience about consumer industry. All cooperation between ICP and partners is based on each side’s strengths. In particular Mekong Enterprise Fund II’s expertise is in corporate finance, and BankInvest is strong at management. ”, Mr. Cong said.
, Mr. Cong shared with Saigon Enteprise that many new products will be available in the market this year. “Just like a blue ocean will not remain forever blue, a company cannot last without constant innovation.” After launched in 2001 with the mission to enrich the quality of life, ICP is known of familiar brands in Vietnam such as X-Men, Dr.men; Teen-X , Vegy and Ocleen. ICP is one of three leading companies in shampoo in Vietnam. ICP’s consolidated revenues in 2007 were VND 320 million, a growth of 50% compared to 2006. . Its goal is to achieve average annual growth of 30 per cent in the following years. ICP’s long-term strategy will remain in fast-growing consumer products such as shampoo, cosmetics, etc.)
Mr. Phan Quoc Cong confirmed that in its strategies to conquer the blue ocean , ICP is willing to welcome local and foreign investment funds.
(Saigon Enterprises, 249, 1-7.7.2008)
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