Phat Dat receives transfer of billion-dollar project in the center of Ho Chi Minh City

Phat Dat Real Estate Development Corporation (stock code: PDR) has just made an unusual announcement to the Ho Chi Minh City Stock Exchange (HoSE) about its plan to receive shares transfer and implement a new commercial housing project in Ho Chi Minh City. This is considered a move to expand land funds after a period of focusing on financial restructuring.

According to the announcement, Phat Dat has approved the policy of receiving the transfer of all shares of Dai Quang Minh Real Estate Investment Joint Stock Company at AKYN Service Trade Investment Joint Stock Company.

After the transaction, Phat Dat will hold 50% of the charter capital of AKYN Investment, Trade and Service Joint Stock Company, the investor of the commercial housing project at Land Lot No. 239 Cach Mang Thang 8 (Ban Co Ward, Ho Chi Minh City).

The above project has an area of about 3,500 m², of which the planning area is 2,987 m², and will be developed into an apartment complex combined with a commercial center, services and offices. The total investment is expected to be about 5,500 billion VND and the implementation period is from 2026 to 2030.

Bất động sản Phát Đạt công bố — Phat Dat Real Estate announced "acquisition" of a trillion-dong project (Illustration photo)

Information about the 239 Cach Mang Thang 8 project immediately created a positive reaction in the market. In the trading session on November 17, PDR shares increased by 850 VND, to more than 23,000 VND/share, becoming one of the outstanding real estate codes of the day.

The "acquisition" of shares at AKYN took place in the context of Phat Dat continuously transferring many assets to strengthen cash flow.

Last week, this enterprise passed a resolution to transfer 99% of shares at Bac Cuong Investment Joint Stock Company ( Da Nang ) for a minimum price of 1,100 billion VND. This enterprise is holding a prime land plot of more than 2,700 m2 at 223 - 225 Tran Phu, Phuoc Ninh ward, Hai Chau district, Da Nang city.

Previously in October, Phat Dat decided to transfer 79% of capital at its subsidiary, Thuan An 1 High-rise Real Estate Investment Company Limited (located in Xuan Hoa ward, Ho Chi Minh City).

The sale of assets and acquisition of new projects shows that Phat Dat's financial strategy is entering a period of strong restructuring: withdrawing from satellite projects, focusing on key projects in central areas to increase profit margins and improve cash flow.

Source: https://nld.com.vn/phat-dat-nhan-chuyen-nhuong-du-an-ngan-ti-tai-trung-tam-tp-hcm-196251117152923159.htm