Mr. Nguyen Van Dat – Chairman of Phat Dat (sitting in the middle) – said that this business still wants to build Phan Dinh Phung gymnasium – Photo: P.D.
Phat Dat still wants to do it Phan Dinh Phung gymnasium
On April 26, Phat Dat Real Estate Development Joint Stock Company held its annual shareholders’ meeting in 2024. Answering shareholder questions about the status of the Phan Dinh Phung gymnasium project in Ho Chi Minh City, Mr. Nguyen Van Dat – Chairman of the Board of Directors of Phat Dat – said that as a real estate enterprise, Phat Dat fully complies with the provisions of the law. However, Mr. Dat said that this business still wants to further develop the project.
“I want to confirm two things, first is that investors still want to continue. Second is that according to regulations, the Phan Dinh Phung project can still continue to move forward, but in compliance with the law, we wait to work with the authorities,” Mr. Dat affirmed.
The Chairman of Ho Chi Minh City People’s Committee assigned the Department of Planning and Investment to take the lead in advising on investment plans for the Phan Dinh Phung gymnasium project, continue to invest in the PPP public-private partnership method or stop the BT project, transfer to the form of public investment – Photo: QUANG DINH
Regarding cooperation with Danh Khoi at the project in Binh Duong, Mr. Dat said that in the past this business wholesaled products, many shareholders mistakenly thought Phat Dat transferred the project. Recently, this business has been wholesaling products to Danh Khoi and his partners and also encountered many difficulties, despite trying to repay Phat Dat’s debt.
Given the actual situation, Phat Dat has coordinated with a business to replace Doanh Khoi, and will fully cooperate with this business to sell all of Phat Dat’s products.
Regarding the remaining cash of only 19 billion, Phat Dat leaders affirmed that it will not affect the operations of this business.
Regarding the 2024 plan, Mr. Dat said that this enterprise will have 4-6 projects launched in the year with a total product value of 30,000 – 40,000 billion VND.
Phat Dat sets a net profit target of 880 billion VND in 2024
Mr. Bui Quang Anh Vu – general director of Phat Dat – said that by 2024, Phat Dat sets a central goal of achieving the revenue plan of 2,982 billion VND and profit after tax of 880 billion VND. At the same time, this real estate developer will complete the legality of projects, focus on sales to have stable cash flow, and search for more land funds with prime locations.
Phat Dat’s projects expected to open for sale in 2024 include Bac Ha Thanh project (Binh Dinh), Thuan An project (Binh Duong), Cadia project (Quy Nhon) and Poulo Condor.
In the first quarter of the year, the company achieved more than 162 billion VND in net revenue from apartment transfers and nearly 53 billion VND in net profit, down 16% in revenue but 2.2 times higher in profit compared to the same period last year.
Phat Dat plans to issue more than 34 million shares at a price of 20,000 VND/share (1 share will be exchanged for 20,000 VND in debt) to exchange a debt of 30 million USD. This is a debt in USD, borrowed by Phat Dat from ACA Vietnam Real Estate III LP (Cayman Island) in March 2022, with a fixed interest rate of 8%/year. Loan purpose to invest in Phuoc Hai project (Dat Do district, Ba Ria – Vung Tau province).
In addition, Phat Dat also plans to issue a maximum of 131 million shares to pay dividends in 2023, at a rate of 15% (shareholders owning 100 shares will receive 15 new shares).
Do not develop land fund at any cost
According to Mr. Dat, this business will look for good land funds to invest and develop projects in Ho Chi Minh City. But in the current context, businesses must look for land funds and projects that are fully legal, not sacrificing at all costs for projects that are not legal enough.
Tags: Chairman Phat Dat spoke Chi Minh City revoking Phan Dinh Phung gymnasium
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