VUS Training (IFC-38740)

Countries
  • Vietnam
Where the impacts of the investment may be experienced.
Specific Location
Ho Chi Minh City
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Sep 1, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
EAGLE HOLDINGS PTE LTD
The holder of the loan, grant, or other investment.
Sectors
  • Construction
  • Education and Health
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 10.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 10.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Nov 8, 2017

Disclosed by Bank Oct 18, 2016


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Project Description
Vietnam US Society English International Joint Stock Company ("VUS" or "the company") currently operates 15 training centers in Ho Chi Minh City, Vietnam serving about 38,000 students. The company offers English language training programs for each category of students including juniors, teens and adults as well as other premium and supplementary programs (http://www.vus.edu.vn/).VUS typically rents rooms/ buildings in commercial and residential areas for purposes of training centers and the company doesn't plan any construction of new buildings. Usually, prior to commencement of new centers operation the company refurbishes rented space so as to equip for training purposes. The company intends to continue expanding its operations in Vietnam ("the project"). The project shall encompass both optimization of programs and expansion of the company's physical presence.IFC is considering a co-investment, with Aureos South-East Asia Fund II L.P. ("ASEAF II" or "the Fund"), an existing IFC investee fund (#29952, disclosed in November 2011) managed by The Abraaj Group ("Abraaj"). In the transaction, ASEAF II and co-investors (including IFC) will jointly invest in the project through a special purpose vehicle which is being set up and will be managed and controlled by Abraaj.
Investment Description
  • International Finance Corporation (IFC)
VUS is a Vietnam registered private company. Mr Pham Tan Nghia is the founder and majority shareholder of VUS. Post-acquisition, the BidCo will hold a significant stake in VUS and the remaining shares held by Mr Pham Tan Nghia. ASEAF II, an Ontario limited partnership, is a 10-year closed end Private Equity fund managed by Abraaj. Founded in 2002 by Mr. Arif Naqvi, Abraaj is now a leading fund manager operating in the emerging markets of Asia, Africa, Latin America and the Middle East.
Contact Information
Contact Person: Piyush Singhvi Company Name: Eagle Holdings Pte. Ltd. Address: 9 Battery Road, #15-01, Straits Trading Building, Singapore 049910 Email: mailto:piyush.singhvi@abraaj.com Phone: +65 6420 6363 Facsimile: +65 6420 6364 ACCOUNTABILITY MECHANISM OF IFC The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/