Vietnam’s State Securities Commission (SSC) last week passed a decision to approve the transfer of all 2.5 million shares of HVCapital, a Vietnamese fund management firm, to foreign investors, the regulator announced on its website.

Under the decision, KIM acquired a 99 percent stake in HVCapital, while the remaining one percent was split equally between two South Korean individuals, Yun Hang Jin and An Jong Hoon.

The SSC did not disclose the value of the transactions or provide further information on the two South Korean individuals.

Korea Investment Management Co., Ltd, founded in 2000, is a South Korean fund operating in areas such as investment banking, asset management, hedge fund management, and venture capital.

It has a number of member funds operating in Vietnam with billions of dollars’ worth of assets under its managment. KIM Vietnam Growth Securities Master Investment Trust is currently KIM’s biggest fund in Vietnam, managing assets worth more than $850 million.

According to data published by the SSC, HVCapital is a fund management firm based in Ho Chi Minh City with total paid-up capital of VND25.4 billion ($1.09 million). The company reported a VND2.18 billion ($93,817) post-tax loss last year, from a VND2.33 billion ($100,272) profit in 2018.

HVCapital claims to manage three investment contracts with total assets of nearly $70 million.