SHAREHOLDERS VOTED TO SPIN OFF DINCO CONCRETE

2009/12/12 12:09:21

Da Nang, Vietnam.  December 12th, 2009.  Shareholders of DINCO Corporation voted unanimously to spin off its concrete division to become an independent joint stock company starting in 2010.  Formed in 2007, the DINCO Concrete now operates 3 concrete batching plants in and around Da Nang

 

“In the short 2.5 years, DINCO Concrete has become the largest supplier of concrete to many of the infrastructure and construction projects throughout Central Vietnam that are invested by foreign and local developers, as well as the government”, Mr. Le Truong Ky, Chairman and General Director of DINCO Corporation noted.  “Central Vietnam is projected to be one of the fastest growing regions in Vietnam with massive infrastructure investment planned for ports, railway, highway, new economic development zone, etc.  Additionally, Central Vietnam has grown to become the biggest resort region in Vietnam, a large number of which is under construction and many more has been granted Investment License by the provincial and central government.  Additionally, we are currently in discussion with a foreign strategic financial company that is interested in becoming a strategic investor in the Concrete business.  Given this opportunity, it is compelling that the Concrete business be operated as an independent joint stock company at this moment”.

 

Mr. Dang Tien Duc, named the General Director of this new company, commented “Projection is for the business to grow 20+% per year for the next several years.  As an independent company, we will be able to compete more effectively, invest more aggressively in additional plants, and enter other markets outside of Da Nang.  Our plan is to grow along side our customers.  To go wherever our customers go”. 

 

About DINCO

DINCO Corporation is a vertically integrated construction company, also the largest privately owned Construction Company in Central Vietnam, began in 2000 and was organized as a joint stock company in 2004.  DINCO has office in Da Nang and HCMC and built a number of infrastructure/engineering projects, factories, public and private buildings throughout Vietnam.  Current projects under construction includes the 880,000 m2 Da Nang New City by Daewon with the value of more than 220 million USD, the $10 million factory by Groz Beckert (phase 1), and an expat residential compound in Da Nang.  Company currently employ 1055 employees, in which there are experts from Britain, USA, Japan, Australia, Philippine and about 135 degreed engineers or higher. 

 

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