Real estate company to double its charter capital

Monday, Mar 30, 2015 14:41

Truong Anh Tuan, chairman and general director of Hoang Quan Consulting, Trading and Real Estate Services Joint-Stock Co said the company will double its charter capital to VND4 trillion in this year/Photo Courtesy of Hoang Quan Co. — VNS Photo
HCM CITY (Biz Hub) — Shareholders of Hoang Quan Consulting, Trading and Real Estate Services Joint-Stock Co's agreed last Saturday (March 28) on a plan to double the company's charter capital to VND4 trillion (US$190.4 million) this year.

This year's revenue and after-tax profits are expected to see an increase of 10 times compared to the results in 2014.

Truong Anh Tuan, chairman and general director of HQC, said his company's profit in 2015 would come from many large projects, and these targets were viable.

This year, the company will implement 15 projects in 12 provinces and cities and put large key projects into use, such as HQC Plaza, HQC Hoc Mon, Can Tho City's Tuong Thach residential area, and HQC Royal Tower. It would complete building phase 1 of Mekong Delta University.

The company will also strengthen investment in social housing projects this year. Fifty per cent of this year's revenue and profits will come from social housing projects.

For instance, the HQC Plaza project is of the biggest social housing projects that have received a loan from the Government's VND30,000 billion ($1.42 billion) loan package.

HQC Royal Tower is expected to bring VND100 billion ($4.7 million) in profits every year and HQC Hoc Mon over VND400 billion ($19.04 million) in profits when these projects are put into use.

Hoang Quan plans to complete infrastructure and build more workshops for lease to attract more investors to two industrial parks, Binh Minh-Vinh Long and Ham Kiem-Binh Thuan. They aim for an occupancy rate of 50 per cent at the two parks.

The company will implement many mergers and acquisition transactions this year in the property, financial and education sectors.

At the meeting, the company said it would offer VND630 billion ($30 million) of shares to existing shareholders at a face value of VND10,000 per share to raise capital to implement its projects, including Binh Minh industrial park, Mekong Delta University's phase 1 project and HQC Hoc Mon. — VNS

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