Property developer has new foreign partners

Property developer has new foreign partners

Affordable property developer Nam Long, which is listed at HOSE as NLG, on Thursday handed over share certificates to three new foreign strategic partners, who acquired 15.5 million shares from its recent private placement.

The three international investment institutions, World Bank's affiliate International Finance Corporation (IFC), Bridger Capital and Probus Asia, who respectively acquired 7.5 million, six million and two million shares at the price of VND18,000 (US$0.86) compared to the par price of VND10,000 ($0.48).

Their investment helps increase NLG's foreign investment state to 43.6 per cent.

The previous foreign investors include Aseana Properties Limited, Nam Viet (a fund of Goldman Sachs Group) and Viet Nam Azalea Fund managed by Mekong Capital.

Also receiving share certificates the same day were three local investment organisations, the securities firm HSC, Huong Viet and Tan Hiep.

These six new investors purchasing 25.5 million shares helped the property developer to raise VND459 billion ($21.85 million).

General director Nguyen Vinh Tran said at the event that his company's legal capital has increased from VND955 billion ($45.4 million) to VND1,210 billion ($57.6 million).

The money will be added to its working capital to support its future affordable apartment projects.

The company plans sale offers of 2,000 units this year, twice the number it sold in 2013.

vietnamnews