FECON asks for permission to transfer stake in Phu Ly bypass project

May 03, 2017 | 14:01

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FECON Foundation Engineering and Underground Construction Joint Stock Company (FECON) has requested permission from the Ministry of Transport (MoT) to transfer the capital, rights and obligations in the Phu Ly bypass project to three Japanese investors.

The BOT (build-operate-transfer) project includes a bypass road on National Highway No.1 at Phu Ly town and reinforcement works at Km215+775-Km235+885 of the northern province of Ha Nam.

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The transferred part makes up 40 per cent of the chartered capital of the project company FCC Infrastructure Investment JSC (equivalent to 11.2 million shares). FECON explained that the deal is because it wanted to restructure of its investment portfolio.

Specifically, FECON will transfer 5.6 million shares, equivalent to 20 per cent of the chartered capital, to its subsidiary Infrastructure Joint Stock Company (FCI), 3.92 million shares (14 per cent) to Japan Expressway International Company Limited (JEXWAY), and 1.68 million shares (6 per cent) to Central Nippon Expressway Company Limited (NEXCO).

The Phu Ly bypass project was kicked off in 2014, completed in 2016, and officially put into operation and started collecting tolls at the South Gie Bridge toll booth on November 24, 2016.

With the total length of 43.4 kilometres, the Phu Ly bypass project has a total investment sum of over VND2.046 trillion ($97.5 million). Investors of the project include FECON, Cotec Construction JSC (Coteccons), and Civil Engineering Construction Corporation No.1 (Cienco 1).

	Single ticket	Monthly pass	Three-month pass
Vehicles under 12 seats and trucks and buses under two tonnes	VND25,000 ($1.1)	VND750,000 ($33.6)	VND2.02 million ($90.4)
4-10 tonne trucks and 12-30-seater vehicles	VND40,000 ($1.8)	VND1.2 million ($54)	VND3.24 million ($145)