Foreign investors offered maximum 49 per cent stake in Cenland
Foreign investors offered maximum 49 per cent stake in Cenland
Foreign investors are offered a maximum of 49 per cent stake in Century Land JSC (CenLand), the first real estate brokerage firm listed on the Ho Chi Minh City Stock Exchange (HSX).
This was announced by Nguyen Tho Tuyen, general director of Cenland, at the roadshow on July 3 to introduce investment opportunities in Cenland.
Tuyen released that the firm will move the time to list 50 million shares to the third quarter of this year, instead of the middle of this month as initially planned. Accordingly, the reference price will be VND50,000-60,000 ($2.17-2.61).
Cenland was founded in 2002 as an affiliated company of Century Group Joint Stock Company (Cen Group). The company now owns the Real Estate Project Supermarket System (STDA). In 2017 the company was reconstructed and acquired Worldstar Land JSC (nghemoigioi.vn), CEN SaiGon Real Estate Joint, and Rising Star Media JSC.
In 2017, Cenland staged its initial public offering (IPO) and offered shares to increase capital in early 2018. Specifically, the company conducted three stock sales, increasing its charter capital from VND250 billion ($10.9 million) to VND500 billion ($21.8 million).
At present, Cenland has two strategic investors namely VinaCapital and Dragon Capital with a total stake of 25 per cent.
Previously, in April, two large foreign investment funds managed by VinaCapital and Dragon Capital have spent $21 million buying a 25 per cent stake in Cenland. Notably, VinaCapital, through Vietnam Opportunity Fund (VOF), bought 12 per cent for $10 million, while Dragon Capital acquired 13 per cent for $11 million.
Cenland is currently prominent in the northern real estate brokerage market. The company is the pioneer in marketing Vietnamese real estate to foreign customers via its representative office.
In 2017, the firm reported VND1.115 trillion ($48.39 million) in revenue and VND253.3 billion ($10.99 million) in net profit, doubling the figures of 2016.
This year, Cenland set the target to earn VND1.67 trillion ($72.49 million) in consolidated revenue, up 50 per cent on-year, and VND320 billion ($13.89 million) in net profit, up 26 per cent on-year. VND1.326 trillion ($57.55 million) in revenue and VND238 billion ($10.33 million) in profit are expected to come from business operations in Hanoi.
