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[Hyundai Elevator]
Establishes strategic partnership with ‘Hoa Binh Group JSC (HBC)’ of Vietnam
2019-04-24
- Secured market expansion momentum through partnership with Vietnam’s second-largest construction company with the highest level of technology
- Acquired 11.3% of HBC shares ... Plans to supply all elevators required in HBC’s projects
On the 23rd, CEO Bob Jang of Hyundai Elevator and Chairman Le Viet Hai of Hoah Bin Construction Group JSC (hereinafter referred to as “HBC”), the second-largest construction company in Vietnam, held a signing ceremony for their strategic alliance at the Ho Chi Minh Stock Exchange in Vietnam.
Through this alliance, Hyundai Elevator became the third-largest shareholder of HBC with a share of 11.3% by acquiring 25 million shares of HBC (28 billion KRW). HBC has decided to adopt Hyundai Elevator’s products in all future projects in which it is the developer (owner), and review Hyundai Elevator’s products first in design, construction, and architecture participation businesses.
During the signing ceremony, CEO Bob Jang of Hyundai Elevator said that “the strategic alliance with HBC, a country that holds the highest level of technology, will become a momentum for Vietnamese market expansion,” and that “it will become a new leap towards Hyundai Elevator’s vision of ‘Go! Global’.”
Chairman Le Viet Hai of HBC said that he was able to “confirm the best quality and reliability while working on many projects with Hyundai Elevator,” and that “the partnership of the two companies will result in the best performance not only within Vietnam, but also in overseas skyscraper projects.”
HBC, established in 1987, is the second largest general contractor in Vietnam. They constructed various landmark buildings including ‘VietinBank Tower,’ the tallest building in Vietnam. In particular, they are the only construction company to be selected in the Vietnamese government-hosted ‘National Brand Campaign’ for 12 consecutive years, securing high brand awareness.
- Acquired 11.3% of HBC shares ... Plans to supply all elevators required in HBC’s projects
On the 23rd, CEO Bob Jang of Hyundai Elevator and Chairman Le Viet Hai of Hoah Bin Construction Group JSC (hereinafter referred to as “HBC”), the second-largest construction company in Vietnam, held a signing ceremony for their strategic alliance at the Ho Chi Minh Stock Exchange in Vietnam.
Through this alliance, Hyundai Elevator became the third-largest shareholder of HBC with a share of 11.3% by acquiring 25 million shares of HBC (28 billion KRW). HBC has decided to adopt Hyundai Elevator’s products in all future projects in which it is the developer (owner), and review Hyundai Elevator’s products first in design, construction, and architecture participation businesses.
During the signing ceremony, CEO Bob Jang of Hyundai Elevator said that “the strategic alliance with HBC, a country that holds the highest level of technology, will become a momentum for Vietnamese market expansion,” and that “it will become a new leap towards Hyundai Elevator’s vision of ‘Go! Global’.”
Chairman Le Viet Hai of HBC said that he was able to “confirm the best quality and reliability while working on many projects with Hyundai Elevator,” and that “the partnership of the two companies will result in the best performance not only within Vietnam, but also in overseas skyscraper projects.”
HBC, established in 1987, is the second largest general contractor in Vietnam. They constructed various landmark buildings including ‘VietinBank Tower,’ the tallest building in Vietnam. In particular, they are the only construction company to be selected in the Vietnamese government-hosted ‘National Brand Campaign’ for 12 consecutive years, securing high brand awareness.