AMATA COMMERCIAL, Vietnam
The signing of the Memorandum of Understanding for the establishment of Amata Commercial, will create a new company which will be in charge of the development and management of the Amata Commercial, Services and Residential Zone. This area covers around 20 hectares (125 rai) of land facingHighway No.1in the front of Amata City Bien Hoa Industrial Park. Amata Commercial, Services and Residential Project will have several subprojects: entertainment and shopping complex, some villas, several high-rise condominiums, afour- or five- star Hotel, and a number of office buildings and showrooms.
Amata Corporation PCL, representing the Foreign Party and Sonadezi, representing the Vietnamese Party,will establish the joint venture company Amata Commercial, with the following main functions:
- Development and management of the infrastructure and utilities of the Commercial, Services and Residential Area
- Lease Land for entertainment and shopping complex, hotels, and high rise condominium
- Build several guest housesin the form oftwo or three storeyvillas
- Build an high-rise office complex
For the above listed projects, Amata Corporation and Sonadezi will invest about US$8 million to establish Amata Commercial, a new joint venture with the equity ratio of 70 percent for Amata CorporationPCL and 30 percent for Sonadezi. After signing the MOU, Amata Corporation PCL and Sonadezi will proceed to sign a joint-venture Contract and a joint-venture Charter, and prepare the documents to apply forthe Investment License for Amata Commercial. Amata Commercialwill be operational in year 2006.