Indochina Capital, SBS step in transportation

24/04/2008 -- 8:46 PM

HCM City (VNA) – Indochina Capital Corporation (ICC) and Sacombank Securities Company (SBS) will buy 34 million USD worth of shares from International Transportation and Trading Joint Stock Company (ITC). Under a tripartite strategic cooperation agreement signed in Ho Chi Minh City on April 24, ICC will buy 25 million USD worth of ITC shares. ITC will receive ICC’s financial support for expanding international maritime routes in Asia-Pacific and developing its plan to build Cat Lai and Nhon Trach sea ports. SBS will meanwhile buy 9 million USD worth of ITC shares and help ITC arrange capital to implement big projects and list in domestic and international markets. It will also provide consultancy to ITC’s future development strategy. ITC President Nguyen Van Chuyen said as a private business, ITC boasts six vessels and ranks second in the domestic transportation market and first among private transportation companies. The company’s pre-tax profit is expected to reach over 500 billion VND this year from 257 billion VND in 2007. ICC Managing Director Tung Kim Nguyen said this is the first time ICC has invested in the transportation sector with its main focus on private capital sources. The corporation is now managing 1.8 billion USD of many funds and investment projects, he added. SBS has a chartered capital of over 1.1 trillion VND, its director Nguyen Ho Nam said, adding that his company is one of the leading securities company with the largest chartered capital in the country.-Enditem
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