Hoa Sen Group strengthens strategic cooperation relationship with partners

Hoa Sen Group Joint Stock Co (coded HSG) yesterday March 4 signed strategic cooperation contracts with other domestic and foreign leading groups in the fields of training, supplying qualified experts, credits and making capital contribution.

In details, the group signed credit contract worth 450 billion dong with a group of banks including Vietcombank – Binh Duong Industrial Park Branch, Vietcombank – Vung Tau Branch and Eximbank for funding one part of investment capital for project of two cool-scrolled steel production lines with total designed capacity of 400,000 tonnes per year. Under the newly signed contract, the term for loans was posted at 72 months, with extension period of 15 months from the first disbursement date.

In addition, HSG signed capital contribution contract with STIC Investment Inc, a leading asset management firm in South Korea, FPT Securities Co and Bong Sen Fund Management Co, in which the group would issue 11,961,500 individual shares for three organisations with total value of 538 billion dong. The raised capital would be used for improving the group’s production capacity and introducing new products to domestic markets.

At the same time, HSG signed cooperation contract with HCM City National University in training and supplying qualified workers for the group. Under the signed agreement, the university would take responsibility for providing human resource with high qualifications, improving the working skills for HSG’s experts and workers.

To be established in 2001 with initial chartered capital of 30 billion dong, HSG planned to gain total revenue of about 5 trillion dong in fiscal year of 2009-2010, and after tax profit of 520 billion dong. In the first four months of the fiscal year of Oct-December 2009 and January 2010), the group reported to gain revenue and after tax profit of 1.428 trillion dong and 185 billion dong respectively, fulfilling 29 percent and 36 percent of the year plan.

Tags: Hoa Sen Group, Vietnam companies, Vietnam enterprise, Vietnam enterprises

Posted by VBN on Mar 5 2010. Filed under Enterprises. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry