Development Investment Construction (DIC Corp) was approved to establish DIC Urban and Industrial Zone Development Company Ltd. (DIC-Urbiz) through a capital contribution by the Board of Directors.

The new member company has an expected charter capital of VND50 billion (US$2.1 million), including cash and other assets, according to the list of assets valued as capital contributions.

The main task of DIC - Urbiz is to implement the procedures to be selected as the investor for the projects of industrial parks, export processing zones, or high-tech parks.

In addition, this unit will manage, invest in, and exploit business projects in industrial parks, export processing zones, and high-tech parks. It will also perform investment and management consulting and many other tasks assigned by the project owners from time to time.

DIC Corp is responsible for debts and other property obligations to the extent of the charter capital of the new subsidiary.

Hoang Van Tang, general director of DIC Corp, is appointed to be the chairman of DIC-Urbiz, representing 80 per cent of the capital contribution of the parent company. Meanwhile, Chu Van Thanh will be the new subsidiary’s general director, representing the remaining 20 per cent of the capital.

DIC Corp appointed Mai Van An as Permanent Deputy General Director and Le Thi Thuy Nga as Deputy General Director, and transferred all personnel from DIC-VEC branch and DIC Him Lam branch to DIC-Urbiz.

DIC - Urbiz will be the 13th subsidiary of DIC Corp. By the end of the second quarter, it had nine companies operating in the fields of real estate business, urban development, hotel business, tourism, services and commerce; and three subsidiaries operating in housing business, real estate brokerage, concrete business, construction equipment repair, and urban development.

However, DIC - Urbiz is its first company in the industrial real estate market. — VNS