On 22 March 2012, Coteccons received the dispatch No. 900/UBCK-QLPH from State Securities Commission of Vietnam approved registration of share subscription to strategy shareholder with full documents. It said that Coteccons can sell out 10.430.000 CTD shares (equivalent to 24.7 % of CTC chartered capital) to Kusto Group at price of 50.000 VND each ( higher than itself in the market). The total value reaches 525 billion VND (about 25 million USD). The mobilized capital will be used for re-structure, M&A and expanding the business operation in Vietnam.
At present, the financial procedure between the two companies is nearly completed.
Being one of the leading construction companies in Vietnam in high- class civil and industrial projects,Coteccons is the partner of famous real estate companies such as: Phu My Hung, VinaCapital, Indochina Capital, Hoa Phat, Tai Nguyen, Phat Dat…Coteccons has been becoming the main contractor of big projects namely Ocean Villas, Mable Mountain Beach Resort, MGM Grand – Ho Tram Strip, Mandarin Garden Residential, The Everrich I & II and Kenton Residences. In the coming time, Coteccons is targeting to become a strong construction group in not only civil and industrial works but also in infrastructural one, enabling itself to compete with international contractors and reaching out of Vietnam.
Kusto Group is a multi- national one in mine ores, energy, banking, infrastructure and real estate. By the strategy shareholder contract, Kusto Group commits in supporting the management improvement, bank guarantee, business relationship to maximize Coteccons tendering in big projects in Vietnam and the region. Kusto Group also helps the technique to advertise the image and strengthen Cotecconscompetition in national and international market. If Kusto Group invests in Vietnam construction,Coteccons surely becomes its first choice main-contractor.
The contract was signed between Coteccons Group and Kusto Group