Phat Dat Company plans to issue 201.17 million shares to investors and shareholders in 2023-2024, collecting 2,015 billion to pay off bond debt and develop projects.
Phat Dat Real Estate Development Joint Stock Company (PDR), one of the major real estate developers in Ho Chi Minh City, has just announced the documents for the 2023 annual general meeting of shareholders to be held on June 30 in Ho Chi Minh City, in which it mentioned that it will submit to shareholders for approval two capital mobilization plans.
The company plans to issue more than 67.16 million PDR shares to professional securities investors at a selling price of VND10,000 per share, with a transfer restriction of one year from the end of the offering. The expected issuance date is this year, after being approved by the State Securities Commission.
The total amount of nearly 672 billion VND mobilized will be used to pay the principal and interest of bonds issued by the company in 2021 and 2022. The expected repayment period is in the third and fourth quarters of 2023 and 2024 based on the agreement between the company and bondholders on the early redemption of bonds (if any).
In case the bonds mature before the time of the private offering, the Board of Directors will be authorized to negotiate with bondholders to extend the payment period of these bonds. If the negotiation is unsuccessful, the Board of Directors will proactively seek other sources of funding to make payment in accordance with regulations.
In case the amount of money raised from the private offering does not reach 100% as planned, the Board of Directors will consider supplementing the missing capital through the amount of money raised from business activities and other forms of capital mobilization in accordance with the law.
The Phat Dat office building project in District 3, Ho Chi Minh City, just announced the completion of the underground part on June 15. Photo: Phat Dat Company
In addition, the company plans to issue more than 134 million shares to existing shareholders at an offering price of VND10,000 per share in 2023 and 2024. The offering ratio is 1:5.5 (shareholders owning 1 share are entitled to 1 purchase right, every 5.5 purchase rights are entitled to buy 1 additional offered share).
The expected revenue of over VND1,343 billion will be used to implement projects of Phat Dat and its subsidiaries. These are the urban development investment project in subdivisions 2 and 9 of Nhon Hoi Eco- tourism Area, Binh Dinh (VND132 billion); Bac Ha Thanh Residential Area combined with urban renovation (over VND511 billion); Ngo May High-class Hotel Service and Trade Center, Binh Dinh (VND400 billion); Thuan An 1 and Thuan An 2 High-rise Complex Residential Area (VND300 billion).
If the stock issuance is successful according to the two options, PDR's charter capital is expected to increase by VND 2,015 billion, raising its charter capital to more than VND 8,731 billion.
On June 27, PDR bought back VND78.8 billion worth of bonds in the PDRH2123010 bond lot. This lot has a total value of VND500 billion, was issued on December 23, 2021 and matured on December 23, with a remaining value of VND421.2 billion. Previously, on June 7, the company bought back VND19.4 billion worth of bonds in the VND100 billion bond lot with a maturity date of August 7, the outstanding bonds of this lot decreased to VND45.6 billion.
Since the beginning of the year, the company has had 8 early bond buybacks with a total value of nearly VND1,030 billion. According to the consolidated financial report for the first quarter, the company has nearly VND3,500 billion in debt, a decrease of nearly VND1,000 billion compared to the beginning of the year. Bond debt is more than VND1,600 billion, most of the bond lots will mature in 2023.
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