Phat Dat will launch a series of projects in Binh Duong, Binh Dinh, Quy Nhon, Ba Ria

The shareholders’ meeting of Phat Dat Real Estate Development Joint Stock Company (HoSE: PDR) took place this morning (April 26) in City. HCM.

Speaking at the congress, Mr. Nguyen Van Dat – Chairman of the Board of Directors said that in 2023 Phat Dat has reached the profit after tax target of 682 billion VND. Shareholders are also happy when PDR shares double at the end of 2022 compared to the end of 2023, and the number of PDR shareholders also doubles from more than 16,000 to more than 32,800.

At the congress, the Board of Directors also informed shareholders about completely repaying the bonds on time and before maturity of VND 2,534.3 billion, bringing the outstanding bond debt to Zero.

In addition, PDR completed the legal procedures of many projects, so that in the second and third quarters, 4-6 projects would be launched to the market, with a total product value of 30,000-40,000 billion VND.

Mr. Bui Quang Anh Vu, General Director of PDR, said that in 2024, the Company sets a central goal of achieving the revenue plan of 2,982 billion VND and profit after tax of 880 billion VND. Continue to perfect the legality of projects. Focus on sales to have stable cash flow, and at the same time look for more land funds with prime locations.

PDR 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 (Ba Ria – Vung Tau).

Responding to shareholders about business orientation, especially sales methods, Chairman of the Board of Directors Nguyen Van Dat said that in the past, PDR used to wholesale products for Danh Khoi.

“Currently, with the strategy and based on the actual situation, PDR has coordinated with a business to replace Danh Khoi, Realty Holdings. This unit has just bought a block B of the Phat Dat project. It is expected that On May 12, PDR will sign a comprehensive cooperation agreement with Realty Holdings to sell the entire Bac Ha Thanh and Thuan An 1-2 project,” Mr. Dat shared.

Chairman Phat Dat also emphasized: “PDR will focus on its best. The new partner has extremely good sales resources, it is expected that on May 12, this unit will have a strong sales team, helping PDR can focus on project development, ensuring quick cash flow.”

At the meeting, shareholders raised the issue of returning to the industrial park real estate segment after Phat Dat sold the company in this segment during financial restructuring. Chairman Nguyen Van Dat said that the company still has applications for land in many localities to build industrial parks. If the bidding is successful, the company will continue to work in industrial park real estate.

Phat Dat currently has a viable industrial park in Quang Ngai with an area of ​​400 hectares and has many opportunities in other provinces. In the city. In Ho Chi Minh City, Phat Dat said he is continuing to look for opportunities and clean land funds with full legality for development.

“We do not give up development in the city. Ho Chi Minh City, but we must find a location and area with complete legality to invest, not sacrificing investment at all costs,” Mr. Nguyen Van Dat said.

At the end of the congress, all proposals were approved. Notably, PDR will issue nearly 131 million shares to pay dividends to shareholders at the rate of 15% (ie shareholders owning 100 shares will receive 15 new shares). Expected payment time is 2024.

In addition, Phat Dat will issue 34.1 million shares to exchange for a $30 million loan at ACA Vietnam Real Estate III LP. This convertible loan contract was signed on March 14, 2022, loan term is 3 years, fixed interest rate of 8%/year. The purpose of the loan is to finance the project of commercial – service area, tourist apartments, resort villas and luxury 5-star hotel in Phuoc Hai town, Dat Do district, Ba Ria – Vung Tau province.

Phat Dat will also issue a maximum of 14.6 million ESOP shares at a price of 12,000 VND/share to employees to recognize their efforts in 2022 and 2023. ESOP shares are restricted from transfer for 1 year. from the time of release.

After the three share issuances mentioned above, Phat Dat’s charter capital will be increased from VND 7,388 billion to more than VND 9,200 billion.