Toyota’s trading arm Toyota Tsusho Corporation has scooped up a 35 per cent stake in Northern Electricity Development & Investment JSC No.2, a subsidiary of Vinaconex.
|Toyota Tsusho acquires 35 per cent of Vinaconex’s power firm |
At an extraordinary general meeting of shareholders, Northern Electricity Development and Investment JSC No. 2 (ND2) were greenlighted to transfer 35 per cent stake, equivalent to 17.5 million shares, to Toyota Tsusho. The company's shareholders also approved adjusting the business lines, including electricity production, construction of electricity projects.
ND2 is operating in the electricity industry. The company's major undertakings include the development and management of the 72MW Ngoi Phat hydropower plant in Lao Cai province, the electricity output of which is directly transmitted into the national grid system.
Besides, ND2 is engaged in the development of other hydropower projects in the northern region of Vietnam, such as the Chu Linh-Coc San project, Su Pan project, and Ta Thang project. Apart from power plant management, ND2 partakes in the real estate business, with the investment in and the operation of Thuy Hoa Commercial Urban Area in Lao Cai province.
Meanwhile, Toyota Tsusho was established in 1948 in Japan. This is a general trading company belonging to Toyota Group, Japan’s largest automaker. Toyota Tsusho’s main businesses include auto trading, mining, logistics, machinery, energy, chemicals and electronics, food and consumer services.