Three companies related to Mr. Dang Thanh Tam and his sister have just become new investors of a 69-hectare urban area project.
The People’s Committee of Ba Ria – Vung Tau province on October 15 approved the list of investors implementing the project of South Vung Tau New Urban Area project as a joint venture of Saigon Telecommunication Technology Corporation (Saigontel), Corporation Kinh Bac Urban Development (KBC) and Saigon Construction Joint Stock Company (SCC).
The urban area of more than 69 hectares is located on the arterial roads of Vung Tau city. The project has a total estimated investment of VND 4,620 billion, is planned to build adjacent houses, villas, apartments, commercial centers …
The project 10 years ago named the new urban area Petroleum Vung Tau, the People’s Committee of the province assigned Petroleum Urban and Infrastructure Investment Joint Stock Company (Petroland) as an investor. However, after a long period of inactivity, the province decided to withdraw the policy and find a new investor.
The consortium of three companies about to implement the project is all related to Mr. Dang Thanh Tam. Specifically, Mr. Tam is a major shareholder in Saigontel and KBC when owning 23.69% and 18.15%, respectively, and holding the position of Chairman of the Board of Directors. Saigontel operates mainly in the field of trading electronic and telecommunications equipment and components, with a total capital of nearly 2,300 billion VND as of the middle of this year. Meanwhile, KBC is one of the major enterprises in real estate business and construction consulting.
SCC is also a company founded by his sister Tam – Ms. Dang Thi Hoang Phuong in 1999 and holding the Chairmanship position. This company works mainly on construction, design and lease of industrial factories, urban development. Ms. Phuong is also a major shareholder in Saigontel with an ownership rate of 8.23%.