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Vicostone’s future set in stone with factory construction
The Advanced Compound Stone Joint Stock Co signed a contract Sept. 27 to build a high-quality composite stone factory, specialising in architectural facades.
The contract was signed with Australia’s WK Marble and Granite PTY Co to create Style Stone Joint Venture Co.
The contract stipulates the joint venture will invest 700 billion VND (44 million USD) in the first phase of construction. The Advanced Compound Stone Joint Stock Co (Vicostone) will contribute 35 percent with the Australian company funding the remainder.
The second phase will begin in 2009, drawing on 2.43 trillion VND (150 million USD). The factory is expected to produce 2.5 million sq.m. of stone per year by 2011 when it will be fully operational.
With the construction of the factory, Vicostone will become the largest company of its kind in all of South east Asia, he said.
Vicostone, located in Bac Phu Cat Industrial Zone in the northern province of Ha Tay, has an annual growth rate of 50 percent and currently exports to more than 30 countries, including the Us, Italy, China and South Africa.
The company expects to earn 18 million USD in export revenue in 2007 and 24 million USD in 2008.
On September 27, Vicostone also signed contracts with Suisse’s Viet Nam holding and IPA Investment Joint Stock Company. Each strategic partner will buy a 5 percent stake in Vicostone, equivalent to 500,000 shares. The company released no further information about the contracts.
VNA
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