local firm Phan Vu Investment Corporation, concluding its contract on
Sept. 30 in HCM City.
Under the contract, the
Japanese company, which is listed on the Tokyo Stock Exchange, will
become a shareholder in Phan Vu. (PVI) with a 5-per- cent stake. It will
be the first foreign institutional investor of PVI.
The deal value, however, was not disclosed.
According to PVI's deputy general director Vo Thi Hien, her company
has a charter capital of 150 billion VND (75.5 million USD).
Last year it earned a net profit of almost 60 billion VND from a turnover of 690 billion VND.
As PVI's operations also include the pile foundation business, the
Japanese partner will cooperate to create new pile products for the
Vietnam market, including those with an anti-earthquake feature.
It will also assist in the management of the holding company model.
In the fourth quarter, Japan Pile Corp will organise training courses
for PVI staff in Vietnam and receive trainees in Japan as well.
The Phan Vu Investman Corp is expected to list in the HCM City bourse in the fourth quarter this year./.
