Sai Gon Corp gets strategic partners

Cayman Island-registered Sai Gon Asset Management Corp (SAM) has signed strategic cooperation agreements with two companies, the Phu My Bridge and furniture and real estate developer Savimex.

Under the agreement with Phu My Company (PMC), SAM will provide financial consultancy and introduce foreign institutional investors.

SAM will also help with capital arrangements for PMC’s three major projects – the Sai Gon Bridge 2 and Tramway No 1 in HCM City, and the Deo Ca Tunnel in Phu Yen and Khanh Hoa provinces.

The Sai Gon Bridge 2, requiring an investment of around $120 million, is expected to be built between mid 2009 and 2011.

The Tramway project needs $250 million for its infrastructre. If related works such as hotels and shopping centres are included, the total investment may go up to $600 million. Construction is planned to begin next June and completed by 2011.

The year 2010 will see construction begin on the $800 million Deo Ca Tunnel, which is expected to take five years.

Under the agreement, PMC will help SAM access investment opportunities in Viet Nam’s major infrastructure projects.

PMC is currently implementing the Phu My Bridge Project that has a total investment of VND4.2 trillion ($250 million).

Savimex and SAM will co-operate to improve the effectiveness of Savimex’s future real estate projects.

SAM manages two funds – Viet Nam Equity Holding (VEH) and Viet Nam Property Holding (VPH) – which have a combined capital of $125 million and are listed at Germany’s Frankfurt Exchange. (VNS)