Vietnam producer invests in real estate project

Vietnam producer invests in real estate project
Published: 07 April 2011

Hoang Mai Cement JSC (HOM) has invested VND810bn (US$38.94m) in a 45% stake of an urban area project in Vietnam’s central province of Nghe An. Covering a 120ha site in Vinh City, Vicem urban area has a total investment of VND1.8trn.

The cement company targets a pretax profit of VND145bn on gross revenues of VND1.6trn. It will seek shareholders’ approval on April 29 for a plan to move the share listing to the Hochiminh Stock Exchange from the Hanoi Stock Exchange currently.

HOM, which now has 33 distributors and 1,800 agents nationwide, has recently opened a mining branch in Quynh Luu district, Nghe An province.