Newly reorganised developer lays plans

Newly reorganised developer lays plans

(21-04-2007)

HA NOI — Thuy Duong Co Ltd was officially converted to the Thuy Duong Investment Joint Stock Company yesterday, announced company General Director Nguyen Van Luan.

The conversion is inevitable for a sustainable development of the company, Luan said: "It will create a combination of strength of capital, business experience and modern management expertise."

"A sole company will have difficulties to survive in an increasingly competitive market," he added.

The company’s strategic shareholders includes the Prudential Viet Nam Assurance Company, VP Capital-VINA financial investment fund and the Phu Thai Joint Stock Group which specialises in investment and distribution, according to Luan.

The company has an equity of VND195 billion (US$12.19 million), operating in three major fields including real estate, trading-service, and interior decoration and construction material manufacturing.

Real estate is the key field, Luan said, citing the company’s $40 million TD Plaza Hai Phong opened in January in the northern city.

"We plan to start construction of a $30 million plaza in HCM City in the fourth quarter and another valued at $20 million in Nha Trang in early next year."

The company expects to raise its equity to VND600 billion ($37.5 million) in this year, he said. It plans to get listed on the stock exchange in 2008.

Luan stressed the importance of the company’s strategic partners in assuring the quality of goods and services as well as customer base.

These includes Malaysia’s Retailing Group Parkson, Megastar Media Joint Venture (USA-Viet Nam JV), Singapore’s Kinder World Company and USA’s CB Richard Ellis. — VNS