Quoc Cuong Gia Lai wants to sell assets to pay off debt related to Ms. Truong My Lan

(NLDO) - Quoc Cuong Gia Lai presented to shareholders the plan to divest capital, sell assets, and cooperate in investment to have money to complete the 2,882 billion VND related to Ms. Truong My Lan.

The Board of Directors of Quoc Cuong Gia Lai Joint Stock Company (Quoc Cuong Gia Lai - QCG) has just presented to shareholders a financial arrangement plan to complete the amount of VND 2,882 billion received from the Bac Phuoc Kien project of Sunny Island Investment Joint Stock Company (a company related to Ms. Truong My Lan).

However, in the process of implementing the "promise to buy and promise to sell" contract, Ms. Truong My Lan violated the agreement. Quoc Cuong Gia Lai filed a lawsuit at the Vietnam International Arbitration Center (VIAC) and the case was declared to terminate the contract by both parties, requiring Sunny Island to return all project site clearance documents. However, in the Van Thinh Phat case, when bringing Ms. Truong My Lan to trial, the High People's Court in Ho Chi Minh City forced Quoc Cuong Gia Lai to return the amount of more than 2,882 billion VND, in return, Quoc Cuong Gia Lai received back the red book of the Bac Phuoc Kien project.

Over the past year, Quoc Cuong Gia Lai has paid 1,100 billion VND to the enforcement agency. The money was obtained from the transfer of hydroelectric plants and personal loans.

To have money to pay the remaining amount, the board of directors proposed to continue transferring capital contributions in subsidiaries and associated companies this year.

According to the leader of Quoc Cuong Gia Lai, the condition is that the transfer value is not lower than the investment cost. Along with that, the company will cooperate in trading real estate products and projects with capable investors to increase cash flow to soon complete the debt of 2,882 billion VND, avoiding being forced by the enforcement agency.

Bac Phuoc Kien project is over 90 hectares wide

By the end of the third quarter of 2025, Quoc Cuong Gia Lai's total assets reached more than VND 8,760 billion, liabilities VND 4,150 billion. Revenue in the third quarter reached VND 354 billion, profit after tax VND 34 billion.

In the 2025 plan, Quoc Cuong Gia Lai sets a target of 2,000 billion VND in revenue and 300 billion VND in profit, increasing by 274% and 306% respectively.

According to the representative of Quoc Cuong Gia Lai, the Bac Phuoc Kien project is more than 90 hectares wide, if completed and the land use right certificate is recovered, it will have great value. If it cooperates with a potential investor, it will optimize the potential and revenue can bring in 12,000 billion VND, profit up to 7,000 billion VND.

Quoc Cuong Gia Lai has also just announced the closing of the list of 10% dividend payments to shareholders after many years of not paying dividends.

Closing the trading session on December 5, QCG shares of Quoc Cuong Gia Lai increased to 14,150 VND/share.

Source: https://nld.com.vn/quoc-cuong-gia-lai-muon-ban-tai-san-de-tra-mon-no-lien-quan-ba-truong-my-lan-196251205202619075.htm