Vietnam's Tan Tao Industrial Park Corp (Itaco) said on Wednesday it will invest $47 million for majority stakes in two engineering firms that focus on power plant construction and irrigation projects.
The group said in a statement published by the Ho Chi Minh Stock Exchange it would pay $32 million for a 51-percent stake in the Long An province-based ITA-Power and $15 million for a 50-percent stake in North-West Power JSC in Lai Chau province.
North-West Power JSC has already won a contract to build a 70-megawatt hydro power plant in Lai Chau, the group said.
Itaco, which is the first industrial park developer listed in Vietnam, has been operating the Tan Tao industrial park in Ho Chi Minh City, Vietnam's business centre, since 1997.
In addition to expansion into the energy sector, Itaco is also branching out into highway and residential property development and has two projects in the pipeline in the southern province of Long An worth a total $59 million.
Shares in Itaco closed unchanged on Wednesday at 141,000 dong ($8.75), valuing the company at $525 million.
Source: Thanh Nien
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