FLC Chairman becomes richest billionaire in stock market
FLC Chairman becomes richest billionaire in stock market
FLC Group Joint Stock Company’s (FLC Group) Chairman Trinh Van Quyet yesterday became the wealthiest man on Viet Nam’s stock market, surpassing Vingroup Joint Stock Company’s Chairman Pham Nhat Vuong.
At the end of the November 14 session, Faros Construction Corporation (ROS) share prices settled at VND116,200 per share, up VND7,500, while FLC Group (FLC) share prices reached VND7,010, up VND10 on the HCM Stock Exchange (HOSE).
Combining nearly 279.559 million shares of ROS and 108.86 million shares of FLC, his total value reached VND33.24 trillion (US$1.49 billion), up VND2 trillion.
In contrast, as Vingroup Joint Stock Company (VIC) shares declined VND1,100 to settle at VND42,900 per share, the total holding of VIC Chairman’s Vuong decreased 1.158 billion dong to 30,699.76 billion dong,
Quyet has officially become the second billionaire in Viet Nam, and now the richest man in the stock market - the position having been previously occupied by Vuong.
FLC Group and Faros Corp have emerged as dominant players in the real estate and construction sector in Viet Nam, operating major projects known for the speed of their construction. The total value of a series of real estate projects nationwide, including the VND5.5 trillion FLC Sam Son Beach and Golf Resort in Thanh Hoa, VND7.5 trillion FLC Quy Nhon Beach and Golf Resort in Binh Dinh, and FLC Vinh Phuc Resort (Phase I), are valued at more than $3 billion by Savills.
Financial statements from the FLC Group and Faros show little short term debt, reaching VND4.3 trillion in total, the equivalent to nearly 7 per cent of the projects’ values.
In 2016, FLC Group set a profit target of VND1.2 trillion. The company had reached its annual target two months earlier than expected, according to General Director Huong Tran Kieu Dung.
Quyet was born in 1975 in northern Vinh Phuc Province, starting out in the legal and investment consulting service before entering commercial trading and real estate. He remains a major influence in Viet Nam as the owner of a significant portfolio of large scale resorts and golf courses. Internationally, he has been recognized as one of the most influential people in real estate in Asia in 2016.
Most of his holdings in public companies come from FLC Group and Faros, two real estate and construction companies.
Tran Dac Sinh, former Chairman of HOSE, which is currently listing FLC and ROS shares, said he supports the investment philosophy of FLC Group and Quyet.
"When I came to FLC, Sam Son Beach and Golf Resort and FLC Quy Nhon Beach and Golf Resort, the entire area was just wilderness. Now it is a massive and majestic project. FLC Group focuses on sustainable investment, which is environmentally friendly, creating jobs for thousands of workers and beautifying landscapes. This is a positive strategy that I highly appreciate", Sinh said.
