Habubank Becomes Cavico Mining's First Strategic Partner
The Hanoi Housing Development Bank (Habubank) has just signed an agreement to acquire 5 per cent stake from the Cavico Mining, a subsidiary of Covico Corporation, becoming the first strategic partner of Cavico.
Cooperating with Cavico is a part of our long-term strategy to diversify business activities as well as strengthening Habubank’s financial capacity, said Habubank’s general director, Bui Thi Mai.
She said Habubank highly appreciated Cavico’s financial figures and sound development plan, which will expectedly secure the bank’s investment in the company.
Habubank, known as the country’s third largest commercial joint stock bank with a combined asset of VND12 trillion, planned to raise its chartered capital to VND1 trillion later this year from the current VND900 billion.
Cavico, one of the leading groups on investment and basic construction, gained VND124 billion ($7.7 million) of revenue last year.
In other sources, Cavico last month borrowed EUR2.1 million ($2.69 million) from the Bank for Agriculture and Rural Development (Agribank) to purchase new mining equipment such as heavy trucks and earth movers to raise its production capacity of its existing projects.
Particularly, the company targets to become one of leading construction corporations in Vietnam.
Economy & Urban Areas, VNS
Vietnamese
