Viglacera to form joint venture with Cuba

10:20 | 03/05/2017 Companies

The Vietnam Glass and Ceramics for Construction Corporation (Viglacera)’s annual shareholder meeting recently highlighted the company’s plan to implement investment activities in Cuba.

Workers produce bricks at a Viglacera factory in Thai Binh province (Photo: VNA)

The company plans to set up a joint venture in ceramic and porcelain tiles with chartered capital of nearly 40 million USD and total investment of some 61.8 million USD.

In the first phase, Viglacera will contribute capital by providing technical services, spare parts replacement and cash to renovate two factories to serve Cuban market demand and export and invest in new production lines of sanitary ware and floor tiles.

In the field of tourism and hotels, Viglacera is also cooperating with domestic partners to attract capital to establish a company, expected to have charter capital of some 3 million USD, to cooperate with Cuban partners.

In addition, the corporation plans to set up a company in Cuba to implement real estate projects, initially to invest and upgrade two hotels owned by two groups in Cuba, at the same time seeking new investment projects.

Viglacera also plans to invest in industrial park infrastructure, with a 168ha project in Cuba’s Mariel Special Economic Zone.

Last December, Viglacera entered into a joint venture partnership with Cuban giant developer Geicon to manufacture building material in the Caribbean island nation, of which, Viglacera is responsible for upgrading two existing ceramics and sanitary ware plants and investing in two more, four years after the joint venture is operational.

Theo VNA