Vietnamese, Australian masonry firms set up joint venture

The Advanced Compound Stone Joint Stock Company (Vicostone) and WK Marble & Granite Pty Ltd from Australia will jointly inject 150 million USD into an artificial tile factory.

Under a deal signed in Ha Noi on September 27, Vicostone will come in for a 35 percent stake with the remaining majority share to be held by the Australian partner.

The factory will be built in three phases through 2011. The first phase will cost 700 billion VND (roughly 44 million USD), but once fully operational, the plant is forecast to produce 2.5 million sq.m of tiles a year.

WK Marble & Granite Pty Ltd is a prestigious supplier of advanced compound tiles in the Australian and New Zealand markets.

VNA

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