Cavico Construction Manpower & Services Lists Shares On Hanoi Stock Exchange
HANOI, Vietnam, Dec. 1, 2010 (GLOBE NEWSWIRE) -- Cavico Corp. (Nasdaq:CAVO), a major infrastructure construction, infrastructure investment, and natural resources conglomerate based in Vietnam, today announced that its minority-owned subsidiary, Cavico Construction Manpower & Services Joint Stock Company ("Cavico CMS"), has listed 2.5 million of its shares on the Hanoi Stock Exchange. Cavico Construction Manpower & Services Joint Stock Company now trades under ticker symbol: HNX:CMS. On the first day of trading, the stock traded at 23,000 VND, which is equal to approximately $1.20.
Founded as a subsidiary of Cavico in July 2007, Cavico CMS is a pioneer in manpower supply for the construction sector both domestically and internationally. Cavico CMS is currently supplying 500 workers to COJAAL, a joint venture comprising Japanese trading house Itochu and four of Japan's largest construction companies: Kajima, Taisei, Hazama, and Nishimatsu. Cavico CMS is assisting COJAAL construction of a 399 kilometer, $5 billion highway from the border of Tunisia to Eltaf City, Algeria. Cavico CMS is also actively looking to provide skilled workers to other countries such as Libya, Malaysia, India, and Mongolia. Cavico CMS is also currently performing construction at several hydropower projects in Vietnam.
"By listing its shares on Hanoi Stock Exchange, Cavico Construction Manpower and Services will have access to the domestic capital market to grow its business and demonstrate its commitment to improving the liquidity of its shares," stated Mr. Hai Thanh Tran, vice president of Cavico Corp. "By leveraging the resources within Cavico's group of companies and our collective experience in bridge and tunnel construction, Cavico CMS will be able to take advantage of the excellent opportunities we have to access international markets and to expand our efforts into new growth prospects."Cavico has two other subsidiaries, Cavico Mining (HSX:MCV), and Cavico Industry & Mineral (HNX:CMI), listed in Vietnam on the Ho Chi Minh and Hanoi Stock Exchanges. By listing its subsidiaries on exchanges in Vietnam, Cavico expects its subsidiaries to raise capital in Vietnam and it anticipates that the listed subsidiaries will operate more efficiently.
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