HANOI: A consortium led by Singapore's state investor GIC has agreed with Vietnam's largest conglomerate Vingroup JSC to buy a stake in one of the latter's units for US$500 million, GIC said on Monday .
Vingroup will remain the controlling shareholder of the unit, VCM Services and Trading Development Joint Stock Company, after the deal, GIC said in a statement.A source familiar with the deal said Credit Suisse acted as the sole advisor to Vingroup. Vingroup, once a real estate and retail conglomerate, has grown to become Vietnam's largest listed firm with a market capitalisation of more than US$16 billion. The company recently launched smartphones and cars, and is also looking to enter the artificial intelligence sector.
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