Highlighting Tripartite Cooperation

Asia Huu Lien, Sacombank and Sacomreal have recently signed a tripartite cooperation agreement at Park Hyatt Saigon Hotel. Accordingly, Sacombank and Sacomreal will become new investment partners of Asia Huu Lien under the consultancy of Saigon Securities Incorporation (SSI).

 

Under the deal, Sacombank and Sacomreal will respectively contribute 7 per cent and 3 per cent of the total new investment capital of Asia Huu Lien Joint Stock Company. This cooperation is a remarkable economic event, as the first time a bank and a real estate company invest in a company specialising in civil and industrial construction and interior decoration, aiming to supply prime economic solutions for all customers.

 

Sacombank, the first bank in Vietnam to reach chartered capital of VND4,450 billion (US$278.12 million) in 2007, reported a record pre-tax profit of VND610 billion (US$38.12 million) in the first six months of 2007. Total assets of the bank reached VND38,400 billion (US$2.4 billion) and total deposits amounted to nearly VND33,850 billion (US$2.11 billion). Sacombank has world-renowned financial institutions as strategic partners, such as International Financial Corporation, ANZ Bank and Dragon Financial Holdings.

 

Sacomreal started operations in 2004 with VND505 billion chartered capital and equity over VND700 billion. Apart from real estate trading, Sacomreal also consults markets and distributes real estate. By the end of this year, Sacomreal will kick off several projects such as Nguyen Trai project (VND600 billion), Phu My Hung project (VND1,200 billion) and Phu Thuan project (VND1,869 billion).

 

Asia Huu Lien Joint Stock Company is a leading producer and trader of steel products and high quality stainless steel for construction and interior decoration. In 2006, the company’s total revenue was VND769 billion. The company estimates 2007 revenue at VND870 billion and 2008 revenue at VND915 billion.