TISCO to get $63.2 million to expand production

Wednesday, Jan 28, 2015 16:07

Thai Nguyen Iron and Steel Joint Stock Corporation gets loan to expand its production. — Photo TNCK
HA NOI (Biz Hub) — The Vietnam Development Bank's Bac Kan–Thai Nguyen branch intends to loan VND1,359 billion (US$63.2 million) to the Thai Nguyen Iron and Steel Joint Stock Corporation (TISCO) to expand production.

The capital from the loan will be invested in the second phase of TISCO's production expansion project, business news website baodautu.vn reported on January 27.

The project, which was commenced in September 2007, required an estimated initial investment of VND3,843 billion ($178.7 million). However its total investment has more than doubled to VND8,104 ($377 million) and the construction has been delayed since the first quarter of 2013 due to paucity of capital.

Earlier in September 2014, the Prime Minister allowed the State Capital Investment Corporation (SCIC) to contribute VND1 trillion (US$47.6 million) to TISCO's project.

In December 2014, TISCO successfully organized a shareholders meeting to boost its charter capital and issue shares for SCIC.

TISCO has been operational for half a century and its annual revenue has touched of VND8,000 billion ($372 million). — VNS

Comments (0)