Garmex Saigon JSC (GMC) will cooperate with Ho Chi Minh City University of Medicine and Pharmacy to build a high-tech health center with a capital of VND300 billion ($15.79 million) in the city in April 2011. The firm will contribute a 51% stake to the project, which will be located on an area of 18,900 square meters in District 5 and is expected to operate in March 2013. GMC plans to issue VND50 billion worth of three-year convertible bonds at an annual coupon of 12% to raise fund for the project. The Hochiminh Stock Exchange-listed garment firm targets a pretax profit of VND30 billion on revenues of VND455.8 billion in 2010, versus VND42.35 billion and VND380.52 billion in 2009, respectively.
