Simco plans to contribute capital in miners

VNStockNews.com - Simco Song Da Joint Stock Co (coded SDA) announced to realise its 2010 business plan of gaining 508 billion dong of production value; 262 billion dong of revenue; 42.9 billion dong of profit and dividend payment of 15 percent.

Last year, the company's total production value was posted at 435.8 billion dong, while revenue of 282.5 billion dong, equal to 134 percent of the year plan, pre-tax profit of 39.8 billion dong or 117 percent of the year plan ; and dividend payment of 17 percent.

In 2010, the company set priority for establishment of a mineral mining joint stock company in Yen Bai province for implementing mining works on a stock mine. Simco planned to make capital contribution of 27 billion dong, counting for 45 percent of chartered capital.

The company also planned to establish a Myanmar-based mining company for exploitation works of white stone mine, granite mine and the others with designed capacity of 225 million tonnes per year. The project's investment work is divided into two phases with total capital of 1.73 trillion dong.

In Q1 of 2010, SDA planned to invest 4 billion dong for conducting the legal procedures and sign contracts with Myanmar's partners to make preparation procedures in following quarters.