Displaying items by tag: Vinaconex

Vietnam: A joint venture between Vinaconex Engineering Construction and Investment and Lilama will supply equipment for the Tan Thang cement plant in Nghe An province. The contract is worth US$66m, according to the Viet Nam News newspaper. The new plant will have a cement production capacity of 2Mt/yr. Vinaconex and Lilama will join European companies Bedeschi and FLSmidth on the project.

Vietnam: Viettel Group, the leading telecom company in Vietnam operated by the Ministry of Defence, has signed an agreement with Vietnam Construction and Import-Export Joint Stock Corporation (Vinaconex), to buy a 70% stake in Cam Pha Cement. Viettel also purchased Cam Pha Cement's debts guaranteed by VCG in a deal with a total value of US$127m. Viettel currently holds a 21.3% stake in Vinaconex.

With the share sale, Vinaconex will cut its holding in the loss-making cement plant to 30% and avoid further losses from the unit. Vinaconex has paid US$114m worth of debts owed by Cam Pha Cement. Following the deal Cam Pha will sell its cement to military-run construction companies.

Cam Pha Cement made an accumulated loss of US$75m in 2012. The cement plant based in Quang Ninh Province has a production capacity of 2.3Mt/yr.