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SII to invest in a water project in Pleiku

Update: August, 31/2012 - 10:36

HCM CITY — The Saigon Infrastructure Real Estate Investment JSC (SII) yesterday concluded an agreement with two partners to jointly invest in a water supply project in Pleiku, the capital of the Central Highlands province of Gia Lai.

SII will invest 40 percent stake of the expected VND190 billion (US$9 million) cost.

Thirty per cent would be brought in by HFIC Investment Joint Stock Company, 25 per cent by the Pleiku-based Tuan Loc Company, and 5 per cent by an individual investor, SII vice chairwoman Giao Thi Yen said.

The project, when completed in 2014, will expand the town's water supply by 30,000 cubic metres per day. Work on it will begin next year.

It is one of seven in SII's portfolio by 2014 to focus on water supply and treatment, general director Truong Khac Hoanh said.

They will together need around VND5 trillion (US$240 million).

A part of the funds is expected to come from preferential sources because investment is in environmental infrastructure, SII's core business.

Also yesterday SII signed a strategic partnership agreement with HFIC Investment JSC.

HFIC Investment JSC, an affiliate of the (State-owned) HCM City Financial Investment Company, is a consulting firm which is also involved in investment in the private sector.

SII has received approval from the HCM City Stock Exchange to list in mid-September.

The reference price has been set at VND12,500, Yen said. It can trade at up to 20 per cent on either side of the price on listing day. — VNS

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