TCG HAS MADE INVESTMENT CO-OPERATION CONTRACT WITH TWO PARTNERS (VIETCOMREAL AND HONGPHUC)
On Jan 15th, 2010 Thanh Cong Textile Garment Investment Trading JSC. (stock symbol: TCM) has made Investment Co-operation Contract with two partners (Vietcomreal and Hong Phuc) regarding to development the land area 7,348 m2 located in Ward 18, District No. 4, HCM City.
www.thanhcong.com.vn would like presenting more info for this project.
● Development Plan for 7,343m2 as Complex, High-end APTs and etc.
● To maximize profitability through Real estate project.
On Janunay 19, Thanh Cong Group (General Director: Mr. Lee Eun Hong) announced that they had made an Investment Cooperation Contract(ICC) with Vietcomreal & HongPhuc, which are real estate development companies, regarding TC 3 project.TC 3 will be developed through Joint Venture Company (JVC). JVC will consist of three parties – Thanh Cong, Vietcomreal and HongPhuc. Initial capital of JVC is VND 50 billion, and the contribution ratio of each party is 55% for Thanh Cong, 35% for Vietcomreal and 10% for HongPhuc. Total development area is 7,348m2, and estimated project period is around 2 years.According to Thang Cong, the project site is nearby the center of District 4 and Saigon River so that Thanh Cong plans to develop most remarkable complex building and high-end apartments in District 4 and finalize more detailed development plan with relative authorities.Development Background of TC 3 ProjectThanh Cong is the representative listed textile company in Vietnam. They had reached more USD 55 million/year for Total Sales, and invited more USD 9 million from E-Land Group, No. 1 fashion group in Korea, successfully on April, 2009. Thanh Cong has been operating each factory in Tan Phu District and District 4 inside Ho Chi Minh City; however, they consider moving the factory in TC 3 project site to other factory in operatoin outside Ho Chi Minh City for continuous operation according to the project schedule. Thanh Cong expects that their profit will be increased dramatically through this project. In addition, synergy effect for production is expected through moving the factory in the project site to Thanh Cong’s current factory outside Ho Chi Minh City