Green Land Group will issueVND50.3 a million shares to raise its chartered capital to nearly VND3,033 billion. This year, the company will focus on the development of projects with an area of 5 hectares or more and the following years to the project area of 20 hectares.
On the 31st of March, Dat Xanh Real Estate Services and Construction JSC held the Annual General Meeting of Shareholders 2017. Accordingly, in 2017 Dat Xanh will increase the charter capital of the Group from over VND2,530 billion nearly VND3.033 billion.
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This capital increase will be implemented in stages. In the first stage, Green Land will issue nearly VND33 million shares to pay dividends in 2016 with the rate of 13%. The chartered capital increased by VND329 billion.
In the second stage, the company will continue to issue more than VND14.3 million shares to pay dividends in 2017 and VND3 million preferred shares for employees in the company – ESOP. Total chartered capital increased after this period is nearly VND173 billion.
At the meeting, Green Land also decided to spend VND712.5 billion to cooperate with Saigon Real Estate Joint Stock Company established Sai Gon Riverside Investment Company Limited. Specifically, Saigon Riverside Investment Limited Company will be established with the total chartered capital of VND950 billion.
In particular, Saigon Real Estate Company will contribute VND237,5 billion and 25% of charter capital, the remaining 75% of Dat Xanh withVND712,5 billion. The purpose of this capital contribution is to jointly develop SaigonRes Riverside project in Hiep Binh Chanh Ward, Thu Duc district, Ho Chi Minh city.
In 2017, Green Land set a net revenue target of VND3.3 trillion, up 131 percent year on year. Profit after tax was VND700 billion, up 130 percent year on year. Green Land also aims to become a professional project developer, acquiring projects with a beautiful and complete legal position.
At present, the land fund of Green Land is 400 ha. The orientation in 2017 is to develop projects with an area of 5 hectares or more. The following years will focus on projects that cover an area of 20 hectares.
The Board also wants to issue loans, project guarantees to subsidiaries with each loan value not exceeding 20% of the total value of assets recorded in the most recent financial statements.
The Board of Directors also based on business results in 2017 to decide on advance payment but not more than 10% / par value. In particular, the rate of dividend advance in shares is 5% of charter capital at the time of closing the list of shareholders.
Earlier in the meeting, Nguyen Khanh Hung, Vice Chairman of the Board of Directors and General Director of Green Land Company, said that in 2016 Green Land has implemented 24 projects with net sales of VND2,506 billion and profit after tax of VND537 billion.
In 2016, Green Land has M & A 12 projects, bringing the total number of projects that Green Land is up to 27. From 2015 to now, the charter capital of Dat Xanh has quadrupled, from VND750 billion to more VND3,000 billion.
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