Oman Kingdom Investment Fund is about to become a major shareholder of Van Phu – Invest

Cooperation relationship between Vietnam Oman Investment (VOI) – VPI

Established in 2009, Vietnam Oman Investment (VOI) is a joint venture between the Sultanate of Oman Investment Commission and the State Capital Investment Corporation (SCIC). Over the past 15 years, the fund has disbursed approximately 300 million USD, focusing on sectors with competitive advantages and contributing to the long-term sustainable development of the Vietnamese economy such as infrastructure, energy, education, real estate, healthcare, etc.

With Van Phu – Invest (VPI), VOI joined hands at the end of 2021 to seek investment opportunities in the real estate sector in Vietnam. Accordingly, VOI purchased 690,000 convertible bonds, without warrants, with a total value of VND 690 billion issued by VPI. The bond package has a term of 3 years, the collateral is 27,225 million common shares of VPI owned by a third party.

According to the agreement, VOI will convert all of the above convertible bonds into VPI shares at maturity. The conversion price is VND 35,000/convertible share, with adjustments specified in the bond purchase registration contract.

VPI said that the capital mobilized from VOI will be used to invest in key projects such as Phong Phu Riverside (453 billion VND), BT Saigon (100 billion VND), the remaining amount will be used to supplement capital for the company's business activities.

Also according to VPI, the bond package will mature next November. VPI and VOI have reached an agreement on converting the bonds into shares. Accordingly, the conversion price after being adjusted according to clause 6.2 of the contract is 23,271 VND/convertible share, the number of convertible shares is 29.65 million shares.

At the annual general meeting of shareholders held earlier this year, the plan to issue shares to convert the above bond package was also approved by VPI. The 29.65 million shares issued to convert bonds for VOI will be equivalent to 9.26% of the total number of shares expected of VPI at the time of conversion.

Thus, after the conversion is completed, VOI will become a major shareholder of VPI.

Improve operational efficiency

According to VPI representative, VOI - VPI have the same goal of sustainable development. With the participation of VOI, VPI has gained a prestigious major shareholder, increasing financial capacity as well as brand value for the company.

In fact, VPI leaders always consider VOI as a long-term, strategic partnership, together developing Vietnamese real estate, bringing value to consumers, making practical contributions to society and improving operational efficiency for both sides.

VPI and VOI leaders during a working session at Van Phu – Invest company headquarters. Photo: VPI

VPI is currently a leading enterprise in the Vietnamese real estate market, with a total asset value of nearly 12,000 billion VND and a massive project portfolio, spanning across the country, notably: Van Phu urban area, The Terra - An Hung, Grandeur Palace Giang Vo, Vlasta - Sam Son, ... The company is accelerating the implementation of a series of key projects such as: The Terra Bac Giang , Vlasta Thuy Nguyen - Hai Phong... contributing to quenching the thirst for supply for the market.

According to the company's board of directors, in the next 10 years, VPI will steadfastly develop real estate with the following pillars: focusing on developing a single product line, Vlasta, developing a chain of resort projects with its own identity, and developing multi-functional high-rise complex projects in major cities. VPI's goal in the next 5 years is to double revenue and profit compared to 2023. Revenue in the next 10 years will reach about 500 million USD.

Doan Phong

Source: https://vietnamnet.vn/quy-dau-tu-thuoc-quy-voi-sap-tro-thanh-co-dong-lon-cua-van-phu-invest-2305472.html