UOB Venture Management Pte Ltd (UOBVM), a private equity investor backed by the bank, is partnering financial services group Orix Corporation to invest US$25 million each in one of Vietnam's largest privately-owned hydropower companies, Bitexco Power Corporation (Bitexco Power).
Bitexco Power plans to use the new capital for business expansion and to consolidate its market leadership position further in the renewable energy sector, the three firms said in a joint press release.
UOBVM manages about S$1 billion in assets. The investment in Bitexco Power will be allocated from UOBVM's Asean China Investment Fund III. The fund invests in growth-oriented companies in East and South-east Asia, particularly in Asean and China.
UOB shares traded at S$18.06, up five cents from the day before, as at 9.55am.