Dream House to up stake in mineral firm
Dream House to up stake in mineral firm
The board of directors of Dream House Investment Corporation (DRH) has approved a plan raising its stakes in Binh Duong Mineral & Construction Co (KSB) to at least 51 per cent, the company announced Wednesday.
The firm holds 20.2 per cent of the charter capital of Binh Duong mineral company. It would buy shares to raise its holdings at a suitable time, the company said.
Dream House Co made the first investment in Binh Duong mineral company in March 2016 when it spent about VND100 billion (US$4.5 million) to acquire almost 10 per cent of the mineral company.
Phan Tan Dat, CEO of Dream House Co, said this was not only a pure financial investment but the company wanted to make use of construction material, including brick and stone, of Binh Duong Mineral Co for real estate projects.
The company made other two share purchases in May and June, raising its holdings in Binh Duong Mineral Co to a total of 20.2 per cent of its charter capital on July 1. Total funds that Dream House has spent on this acquisition reached VND260 billion.
KSB shares yielded one of the best returns in 2015 when its price soared over 68 per cent, from VND21,300 to over VND37,000 by the end of last year. Its price continued to skyrocket in the first half of this year, after the State Capital Investment Corporation announced its total divestment of over 50 per cent from Binh Duong Mineral Co in February.
