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|CII general director Le Quoc Binh (R) hands the stake transfer contract to Jose Ma. K. Lim, chairman of Metro Pacific Investments Corporation, the parent firm of Metro Pacific Tollways Corporation, at a signing ceremony in HCMC on January 14 - PHOTO: ANH QUAN|
CII said the deal was valued at more than VND1.95 trillion.
CII expected MPTC’s investment would help develop CII B&R into a leading investor and operator of infrastructure projects as CII has experience in investing in bridge and road projects in Vietnam and MPTC’s strong advantage to operate and maintain bridges and roads.
CII chairman Le Vu Hoang said comprehensive restructuring has been carried out since the end of 2013 to turn the company into a business group with five subsidiaries specializing in bridges and roads (CII B&R), water (CII Water), engineering and construction (CII E&C), real estate (CII Land), and infrastructure service (CII Service).
Four out of the five subsidiaries have come on stream as planned while CII Land is scheduled to start operation later this year.
CII B&R now plays the most important role in CII’s operations. In October last year, the company transferred seven bridge and road projects worth US$373 million to CII B&R for management, and is planning nine other projects with a combined investment of nearly US$1.7 billion.
In August of 2013, another Philippine firm, Manila Water Company Inc., a subsidiary of Ayala Corporation, acquired 18.37 million shares worth VND400 billion at Saigon Water Infrastructure Corporation in which CII is a majority shareholder.
CII has invested in a number of big-ticket infrastructure projects in HCMC, including the expansion of Hanoi Highway, the second phase of Binh Trieu Bridge and Road, and some water treatment and supply projects.