Fiera Capital becomes major shareholder in Vietnam realty giant Nam Long after Keppel Land exit

By Hai Yen
Tue, August 5, 2025 | 6:14 pm GMT+7

Fiera Capital (UK) Limited has become a major shareholder in Nam Long Investment Corporation (HoSE: NLG) after raising its ownership in the Vietnamese real estate giant to 5.71%.

Fiera Capital acquired 10 million NLG shares on July 25, just one day after Ibeworth Pte. Ltd, a wholly owned subsidiary of Singapore’s Keppel Land, divested its entire stake in Nam Long.

On July 24, Ibeworth offloaded over 29.4 million NLG shares, or 7.64% stake, as part of a portfolio restructuring plan. Following the transaction, Ibeworth is no longer a shareholder in Nam Long.

Nam Long-developed Akari City project in Ho Chi Minh City, southern Vietnam. Photo courtesy of NLG.

Nam Long-developed Akari City project in Ho Chi Minh City, southern Vietnam. Photo courtesy of NLG.

At the close of trading on July 24, NLG shares ended at VND40,450 ($1.54) each. Based on this price, Ibeworth’s divestment may have fetched approximately VND1.19 trillion ($45.3 million).

Keppel Land’s exit is part of a broader strategy to restructure its investments in Vietnam. The partnership between Keppel Land and Nam Long began in 2015, when the Singaporean giant became a strategic investor through the private placement of over seven million shares.

Following the divestment, Ibeworth’s board representative, Joshep Low Kar Yew, resigned from Nam Long’s board.

In the first half of 2025, Nam Long posted VND2.06 trillion ($78.65 million) in net revenue and VND207 billion ($7.89 million) in net profit, rising fourfold and threefold year-on-year, respectively, thanks to a strong first quarter performance.

The company aims for VND6.79 trillion ($258.74 million) in net revenue and VND701 billion ($26.7 million) in net profit this year. By the end of June, it had achieved 30.4% of its revenue goal and 29.6% of its profit target.

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