Vietnamese hydro plant and infrastructure builder Cavico Corp. has engaged Providential Holdings Inc. of the United States to help Cavico become a publicly traded company in the U.S.
Providential, a holding company engaged in mergers and acquisitions, also is to help Cavico obtain US$10 million in funding from institutional investors. Under the agreement, Providential is to receive up to 10 percent of the stock in the new public company for consulting services and is to invest up to US$500,000 in Cavico.
Cavico has been engaged in 13 hydropower projects and 22 civil transportation projects in Vietnam. Together with other state-owned companies, it has been awarded construction contracts for many critical hydropower projects in Vietnam.
Currently it is building dams for the 85-MW Buon Tua Sha, 250-MW Ba Ha, 342-MW Tuyen Quang, and Van Chan hydroelectric projects.
Cavico employs more than 3,000 people in infrastructure construction, mining, energy, and investment in selected projects. Its total assets have grown to more than 400 billion dong (US$30 million), consisting mainly of construction equipment from leading firms.