Cavico Completes the Purchase of 4 Million
Cavico Mining Shares
February 11, 2010 11:45 AM Eastern Time
HANOI, Vietnam--(EON: Enhanced Online News)--Cavico Corp. (NASDAQ: CAVO), a leading infrastructure
development company based in Vietnam, announced today that it has completed its purchase of 4 million newly
issued ordinary shares of its subsidiary, Cavico Mining and Construction JCS. Cavico Mining issued the ordinary
shares at VND16,894 per share, which is approximately USD$0.94 per share based on current exchange rates, in
exchange for debt owed to Cavico and its subsidiaries by Cavico Mining. The transaction was approved by a large
majority of Cavico Mining’s shareholders on January 14, 2010. Vietnam’s State Securities Commission has
reviewed and cleared the issuance of these shares. Information can be found on the Web site of the State Securities
Commission of Vietnam at www.ssc.gov.vn by clicking here.
Cavico Corp. and its subsidiary now own approximately 50.2% of Cavico Mining and will be able to consolidate
Cavico Mining’s financials into its future financial reports beginning in the first quarter of 2010.
Mr. Ha Quang Bui, chairman & CEO of Cavico Corp., said, “We are very pleased to have this transaction conclude
in such a smooth and timely manner. Cavico Corp., as majority owner of Cavico Mining, will continue to support
Cavico Mining’s efforts to obtain new contracts while allowing us to recognize a higher percentage of Mining’s
profits in our financial reports. We believe this is a positive outcome for all parties involved.”
About Cavico Corp.
Cavico Corp. is focused on large infrastructure projects, which include the construction of hydropower facilities,
dams, bridges, tunnels, roads, mines and urban buildings. Cavico is also making investments in hydropower facilities,
cement production plants and urban developments in Vietnam. The company employs more than 3,500 employees
on projects worldwide, with offices throughout Vietnam and a satellite office in Australia.