Makati—(PHStocks)—Ho Chi Minh City Infrastructure Investment JSC (CII) and Ayala Corporation (PSE: AC) have entered into an agreement to jointly invest in VinaPhil Technical Infrastructure Investment JSC (VinaPhil), a corporation established under Vietnam law to invest in infrastructure projects in Vietnam. VinaPhil will be initially 49%-owned by Ayala with the remainder owned by CII and other Vietnamese investors. VinaPhil will have an initial charter capital of VND900 billion (approximately $43 million).
Fernando Zobel de Ayala, Ayala President and COO said, “While we remain focused on developing transport infrastructure projects in the Philippines, we believe this investment also provides the Ayala group strategic access and an option to pursue other infrastructure opportunities in the region. We are glad to be in partnership with CII, which is one of the most reputable infrastructure companies in Vietnam. This will put us in a good position to participate in Vietnam’s fast growing infrastructure sector.”
Le Quoc Binh, CII General Director said, “We are pleased to have found a partner in Ayala Corporation which has a record for establishing strong long-term relationships. Furthermore, Ayala Corporation’s experience in water and real estate infrastructure through its subsidiaries will be of help as other opportunities in these sectors arise.”
Ayala is one of the largest conglomerates in the Philippines with businesses in real estate, financial services, telecommunications, and a broad range of investments in water, electronics, automotive, international operations, and business process outsourcing. It has recently made investments in the power generation and transport infrastructure sectors in the Philippines.
CII is a leading player in the infrastructure sector in Vietnam with a solid track record in sourcing, implementing and operating infrastructure assets. The company has a portfolio of strategic infrastructure assets, including toll roads and water treatment plants serving Ho Chi Minh City and surrounding areas. CII was established in December 2001 and is listed in the Ho Chi Minh Stock Exchange.