Dat Xanh sells projects to sub-unit for nearly $63 million

Thursday, Jun 06, 2019 17:47

The head office of real estate firm Dat Xanh in Da Nang. The company has decided to sell $62.8 million worth of stakes in four sub-units to Ha An Real Estate Investment JSC in order to overhaul its portfolio. — Photo dantri.com.vn

Real estate firm Dat Xanh (HoSE: DXG) has sold stakes in four real estate and construction units for VND1.46 trillion (US$62.8 million).

Of the four deals, Dat Xanh decided to sell its entire 49.95 million shares in Thang Long Oil and Gas Investment and Construction Corp for nearly VND500 billion.

The real estate firm also offloaded its 24 million shares in subsidiary Vien Dong Land Investment JSC for VND238.8 billion.

In addition, Dat Xanh sold VND712.5 billion worth of capital in Sai Gon Riverside Investment Co Ltd.

The deals were announced on Tuesday.

The buyer is Ha An Real Estate Investment JSC.

Dat Xanh acquired Ha An Real Estate Investment JSC in August 2018.

After the deals are completed, Dat Xanh will start overhauling its portfolio so that each of its member companies can focus on one specific segment to maximise their resources.

Dat Xanh has recently announced it would issue nearly 77 million bonus shares for shareholders.

Every shareholder will receive 22 bonus shares for every 100 shares they own.

The company will also issue six million ESOP shares for employees and plans to raise VND874 billion by selling existing shareholders 87 million shares.

Capital raised from the share sale will be spent developing and resettling the Nam Rach Chiec residential area.

In 2018, Dat Xanh recorded VND4.64 trillion in total revenue, up 61 per cent year-on-year.

Of the figure, revenue from real estate brokering increased by 1.5 times from 2017 to VND2.42 trillion, accounting for 52 per cent of the total.

The company shares gained 1.1 per cent to end Wednesday at VND18,000. — VNS

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