The industrial park developer ITACO (ITA) has said it will invest US$74 million to establish two new firms, a rice exporter and a water supplier.
The Tan Tao Industrial Park Developer Group (ITA, formerly Itaco) will hold majority stakes in the two new companies, ITA-Rice Joint Stock Company and ITA-Water Joint Stock Company.
Both firms will be established in southern Vietnam’s Long An Province, which borders Ho Chi Minh City, Vietnam’s business center.
The developer has yet to disclose the percentage stakes it will maintain in each.
For the rice entity, ITA plans to shell out $43 million to acquire 10,000 ha for export rice cultivation, as well as land for a warehouse, rice mills and a 200h urban area.
ITA rice will be shipped to the US and EU markets. ITA and the local government are in land allocation talks.
The developer has also planned a $31 million investment in ITA-Water Joint Stock Company to build a facility that could supply the province with 300,00 cu.m. of water daily.
Last month, the group unveiled that it would pay $32 million for a 51-percent stake in the Long An-based ITA-Power Company and $15 million for a 50-percent stake in North-West Power Joint Stock Company in the northern Lai Chau province.
The group is developing Tan Duc city – an industrial-residential complex covering 1,160 ha in Long An – at a total investment of $320 million.
ITA, which is the first industrial park developer listed in Vietnam, has been operating the Tan Tao industrial park in Ho Chi Minh City since 1997.
In addition the company is also branching out into highway and residential property development projects.
Last year, the company earned VND374 billion in revenue and an after-tax profit of over VND148 billion.
It set to earn VND816 billion in revenue and VND300 billion in profits this year.
Source: Thanh Nien
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