Cavico Corp. (NASDAQ: CAVO), a leading infrastructure development company based in Vietnam, today announced that its consolidated subsidiary, Cavico Industry and Minerals JSC (“Cavico Minerals”), formerly known as Cavico Stone and Minerals JSC, has received approval to register its shares on the Hanoi Stock Exchange under ticker symbol: HNX: CMI.
Cavico Minerals registered 4.7 million of previously-issued common shares with a par value of 10,000 VND, which is the equivalent to USD $0.55 per share. The company does not anticipate selling or buying any of Cavico Minerals’ shares at this time.
On May 19, 2010 Cavico Minerals also signed an exclusive distributor agreement with Castrol BP Petco to distribute Castrol BP’s products in Laos. Cavico Minerals expects to generate approximately USD $3 million in revenue in the first year from the distribution activities.
Castrol BP established a presence in the Vietnamese market since 1989 focused on oil & gas exploration and production, production and distribution of lubricants and supplying crude oil to local refineries. The Company also has investments in Vietnam’s growing power industry.Founded in March 2007 as a subsidiary of Cavico Corp., Cavico Minerals’ main business focus is mineral exploration and processing. Cavico Minerals has received the license to explore and process white stones (CaCO3) at Thung San Mine, in Thung San village, Nghe An province. The Thung San mine is located on 20 hectares of land and has approximately 4.22 million cubic meters of marble and 12.15 million tons of calcium carbonate. Cavico Minerals will be authorized to extract 88.6 thousand cubic meter of marble and 255 thousand tons of calcium carbonate per year for the next 30 years. Cavico Minerals also plans to build a calcium carbonate processing plant in the Nam Cam industry zone. The plant will be built on three hectares of land and have the capacity to process 70,000 tons of calcium carbonate per year.