Phat Dat Real Estate Development Joint Stock Company (stock code: PDR) has just announced unusual information about the private offering of shares.
Accordingly, this enterprise has successfully issued 67.16 million shares, with an offering price of VND10,000/share, raising VND671.6 billion. These shares will be restricted from transfer for one year from the closing date of the offering (November 22).
The information announced said that there were 7 professional investors participating in buying shares. Among them, 1 person bought 30 million shares, 1 person bought 25 million shares.
7 professional investors bought 67.16 million PDR shares (Screenshot).
The issuance of individual shares was mentioned at Phat Dat's 2023 Annual General Meeting of Shareholders.
In the Minutes and Resolution of the 2023 Annual General Meeting of Shareholders announced on June 30, the company said it has actively sought partners to overcome difficulties sustainably and overcome the crisis.
Plan to use money raised from Phat Dat's stock issuance (Screenshot).
The unit said that the cash flow from issuing shares to strategic shareholders will be used to pay the principal and interest of bonds issued in 2021 and 2022. The amount collected from issuing shares to existing shareholders will focus on project development.
Since the beginning of the year, this real estate company has settled 5 bond lots and bought them back before maturity with a total value of more than 1,545 billion VND. The financial report shows that as of September 30, the company still had 4 outstanding bond lots with a total value of 980.5 billion VND.
Outstanding bonds of Phat Dat as of September 30 (Photo: Corporate financial report).
In addition to the proceeds from issuing shares, Phat Dat said it will have cash flow from 4 projects: Bac Ha Thanh Urban Area, Binh Duong Tower Apartment Complex, Senenity Phuoc Hai, Cadia Quy Nhon. There will also be cash flow from collecting all debts from Danh Khoi Company.
The third quarter financial report shows that the accumulated revenue in the first 9 months reached 549.5 billion VND, down 63% compared to 2022. Profit after tax in the first 9 months reached nearly 400 billion VND, down 71% compared to last year.
As of September 30, Phat Dat's total assets were at VND20,591 billion, down more than VND2,000 billion compared to the beginning of the year.
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