HANOI, Feb 21 (Bloomberg): Mekong Capital Ltd.-backed F88 Co targets a market capitalisation of about $1 billion at its deliberate 2024 itemizing, Phung Anh Tuan, chairman and chief govt officer, stated in an interview.
The Hanoi-based firm, which provides small loans primarily backed by autos as collateral and offers monetary providers similar to insurance coverage and cash transfers, expects to record shares on the Ho Chi Minh Metropolis Inventory Alternate, Tuan stated.
F88 can be in talks with potential strategic companions, Tuan stated, with out offering additional particulars. Along with Mekong Capital, the corporate at the moment has one different investor, Granite Oak Advisors Ltd.
F88 plans to extend its nationwide shops to 800 by the top of this yr from 521 on the finish of 2021, the CEO stated.
Moreover its branded shops, F88 will proceed increasing by partnerships with main retailers and expertise corporations, he added.
The corporate final yr partnered with Cellular World Funding Corp. to supply money loans of not more than 10 million dong ($438). F88 goals to have providers in additional than 3,000 companion shops nationwide this yr, Tuan stated.
F88 additionally entered right into a partnership with CIMB Financial institution Vietnam late final yr to supply monetary providers to underbanked Vietnamese communities.
To gasoline the corporate’s development plans, F88 is trying to elevate about 4 trillion dong this yr by issuing bonds or borrowing from worldwide funds, Tuan stated. – Bloomberg