Middle Eastern investment fund becomes major shareholder in Văn Phú - Invest

Nov 13th at 07:41
13-11-2024 07:41:01+07:00

Middle Eastern investment fund becomes major shareholder in Văn Phú - Invest

VIAC Limited Partnership, part of the Vietnam Oman Investment (VOI) fund, announced that it received more than 29.65 million shares from Văn Phú - Invest (VPI) on November 1.

A real estate project of Văn Phú - Invest. — Photo tapchicongthuong.vn

Oman Investment Authority is a joint venture between Oman Investment Authority (OIA) and the State Capital Investment Corporation of Việt Nam.

These shares represent 9.3 per cent of the total VPI shares in circulation on the market. As a result, VIAC has officially become a major shareholder of Văn Phú - Invest.

VIAC first invested in Văn Phú - Invest in 2021 by purchasing 690,000 convertible bonds, without warrants, worth a total of VNĐ690 billion (US$27.2 million) issued by the real estate company. The bonds have a 3-year term and are secured by more than 27 million VPI common shares owned by a third party.

According to the agreement, VIAC will convert the entire bondholding into VPI shares upon maturity. The conversion price is set at VNĐ35,000 per share, with adjustments outlined in the bond purchase agreement.

With the funds raised, Văn Phú - Invest invested in real estate projects such as Phong Phú Riverside (VNĐ453 billion) and BT Saigon (VNĐ100 billion). The remaining funds will be used to supplement the company’s business operations.

By the end of July, Văn Phú - Invest and VIAC reached an agreement to convert the bonds into shares at an adjusted price of VNĐ23,271 per share, which is equivalent to VNĐ29.65 million shares.

On Tuesday, VPI’s share price was last traded at VNĐ58,000 per share, down 0.51 per cent from the previous session. This means VIAC's conversion price is about 60 per cent lower than the current market price.

Since the beginning of the year, the share price of VPI has risen by more than 28 per cent.

In the third quarter, Văn Phú - Invest recorded VNĐ855 billion in net revenue and VNĐ110 billion in profit after tax, respectively 3 times and 3.4 times higher than the same period last year, thanks to revenue from the sale of real estate at the 'The Terra' project in Bắc Giang Province.

As of the end of the first nine months of this year, the company posted a profit after tax of VNĐ206 billion, achieving 59 per cent of its yearly target.

Bizhub





RELATED STOCK CODE (1)

NEWS SAME CATEGORY

KDC owns nearly 75.4% stake in Hùng Vương Plaza

After several rounds of increasing its ownership in Hùng Vương Plaza, KIDO has now invested a total of VNĐ1.13 trillion (US$44.7 million) in acquiring the company...

S&P Global reaffirmed Techcombank's BB- Rating with stable outlook

Vietnam Technological and Commercial Joint Stock Bank (“Techcombank” or the “Bank”) reported on 2024 annual rating assessment by S&P Global Ratings (“S&P”), which...

Vietnam Airlines (HVN) shows positive growth in Q3

The national flag carrier Vietnam Airlines has shown a promising recovery in its Q3 business results, primarily driven by its complete restoration of domestic...

Accelerating digital business, HDBank (HDB) profits for first nine months up 46.6%

The Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank - HoSE: HDB) has announced its earnings report for the first nine months of the year, with...

Sabeco (SAB) boosts portfolio through acquisition of two brewers

Sabeco plans to invest nearly VNĐ1 trillion (US$39.4 million) to boost its stake in two companies: Saigon Bình Tây Beer Group JSC (Sabibeco) and Saigon Western Beer...

SSI achieves 88% of full-year profit target in 9 months

SSI has announced its third quarter results that show revenues and profits before tax were worth VNĐ1.99 trillion (US$79.1 million) and VNĐ937 billion ($37.2...

Coteccons (CTD) eyes high growth, global expansion

Coteccons Construction Joint Stock Company (HOSE: CTD) targets revenue of VNĐ25 trillion (US$993.7 million) and profit after tax of VNĐ430 billion ($17 million) for...

CDC Construction (CCC) reports Q2 post-tax profits soaring nearly 15 times

CDC Construction Joint Stock Company (stock code: CCC) has announced its financial results for Q2 of the 2024 fiscal year (from 1 July to 30 September), showing...

IR Awards 2024: Announcing the results of IR Best Practice Awards

The IR Awards 2024 program officially announced the results of IR Best Practice Awards of the year, divided into four market capitalization groups: Financial Large...

Searefico (SRF) appoints new Chief Executive Officer

Searefico Corporation, one of Vietnam's top three M&E (Mechanical & Electrical) contractors in 2024, is pleased to officially announce the appointment of Mr. Nguyễn...


MOST READ


Back To Top