Adam Sack, chief investment officer at International Finance Corporation (IFC), has become a nominee director on the board of directors of agri-business group Mavin, which received a $52 million investment from the World Bank unit this September.
“This is an important milestone in the cooperation between Mavin Group and IFC after signing our strategic partnership agreement on May 12, 2022, opening a new chapter for the development of Mavin,” the Australian-invested company announced from Hanoi, where it is headquartered.
“Adam Sack has worked in Vietnam and has a deep understanding of the Vietnamese investment and business environment, especially in agriculture and animal husbandry,” added the Monday announcement on Mavin’s website.
Prior to becoming the IFC chief investment officer, Sack had served as the IFC country manager in Vietnam, Laos, Cambodia, Indonesia, Sri Lanka, and the Maldives.
Mavin has four business units - pork production, meat processing, feed mill operation and veterinary health products manufacturing - located across the country. The three pig breeding farms of Mavin supported by the IFC's $52 million investment include a 62-hectare farm in K'Bang district, Gia Lai province; a 100-hectare farm in Anh Son district, Nghe An province; and a farm of 45 hectares in Dong Thap province’s Cao Lanh district.
At present, IFC is considering a $39 million investment in BaF, a Vietnamese pork producer and feed mill operator. In July 2021, the global investment firm put $43 million into GreenFeed Vietnam Corporation to help the domestic firm expand its pork production activities.