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NEWS UPDATES 18 June 2010

Vietnamese firm urges infrastructure

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Phu My Construction Investment Corporation (PMC), which plans to list on the Ho Chi Min City Stock Exchange, is calling on investors to pour more money into infrastructure, according to Vietnam News.

Speaking at a press conference on Wednesday in HCM City, Nguyen Thanh Thai, general director of PMC, said one of the company's major investments, the cable-stayed Phu My Bridge project, opened to traffic in September last year.

The success of the project would attract more foreign investors to other projects, including the Sai Gon 2 Bridge between Binh Thanh District and District 2, the Tramway No1, Rach Chiec Bridge and Nhon Trach Bridge.

He said these transport infrastructure projects would help to reduce traffic congestion and increase economic growth of the city.

Phu My was the first private company to launch an international bond issue to raise US$700 million for infrastructure projects.

He said his company had assessed all possible risks associated with this large international bond issue.

Mac Dang Nop, general deputy director of the company, said construction on Sai Gon 2 Bridge was expected to begin in September under the Build-Transfer model.

On July 15, the company will submit details to the Rail Management Board on a tramway project to be implemented under the Build-Operate-Transfer model.

Of three routes planned, the first section will be built by a consortium comprising Thanh Danh Construction Trading Ltd Co, Malaysia-based Titanium Management Co, Ha Noi Construction Corp and Phu My Construction Investment Corp.

Nop said this year the company aimed to develop infrastructure projects in parallel with property development.

It plans to set up the Phu My Advertising and Property Joint-Stock Co for property advertising and transport projects.

The Phu My Construction Investment Corporation, whose former name was Phu My Bridge BOT Corporation, will issue bonds to increase charter capital from VND745 billion ($39.4 million) to VND1,000 billion ($52.9 million).

It has completed legal procedures related to the company's investment activities in order to list on the HCM City Stock Exchange in the near future.


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