Long Giang Land will pour nearly VND100 billion to establish two subsidiaries

The Board of Directors of Long Giang Investment and Urban Development Joint Stock Company (Long Giang Land, HoSE: LGL) has just approved the establishment of two subsidiaries to invest in real estate.

Spending VND 30.6 billion to establish Rivera Park Hanoi Joint Stock Company

Specifically, the Board of Directors of Long Giang Land has approved the policy of contributing capital to establish a joint stock company to invest and exploit the entire area of ​​trade and services under the trade center, office and residential services. at 69 Vu Trong Phung, Thanh Xuan District, Hanoi (Rivera Park project).

Long Giang Land will spend more than VND 30 billion to set up an investment company to build a commercial and service area at Rivera Park

The project has a total temporary business floor area of ​​14,890sqm, of which the floor area of ​​B1 is 1,073sqm, the floor area of ​​commercial floors 1,2,3 A floor area of ​​5.966sqm, commercial floor area 1st floor and technical service floor B more than 1.851sqm.

Perspective of Rivera Park project 69 Vu Trong Phung of Long Giang Land

The project has a total investment of VND196.5 billion as explained in the investment report prepared by the Consultant Construction Company Limited in January 2016.

Long Giang Land is expected to establish Rivera Hanoi Joint Stock Company with chartered capital of VND60 billion, of which Long Giang Land contributes 51% of VND30.6 billion.

The new company is expected to be established in 2017 with a 50-year operating life. The company registered its main business is real estate business, consulting, brokerage, real estate auction, auction of land use rights, auction brokerage …

The Board of Directors assigned Mr. Le Ha Giang, Chairman of the Board, on behalf of the Board to appoint the representative of the capital contribution, signed the relevant documents.

VND 65 billion to set up a project investment company in Long Bien

The Board of Directors of Long Giang Land also adopted the policy of contributing capital to establish a joint stock company to invest and exploit the project on CC-05 land in Viet Hung New Urban Area, Long Bien District, Hanoi.

Specifically, Long Giang Land is expected to contribute capital to set up Long Bien River Joint Stock Company with a charter capital of VND100 billion, of which Long Giang Land is expected to contribute 65% of capital, equivalent to VND65 billion.

The new company is expected to be established in the second quarter of 2017 with the main business lines being real estate business, consulting, brokerage, real estate auction, land use right auction, auction brokerage …

The Board of Directors also assigned Mr. Le Ha Giang on behalf of the Board to appoint the representative of the capital contribution and sign the related documents.

VND39 billion acquisition of Minh Phat Joint Stock Company

Besides adopting the policy of establishing two new units, Long Giang Land Board of Directors also agreed to spend VND39 billion to buy back 3.9 million shares, equivalent to 65% of chartered capital of Minh Phat Joint Stock Company – Binh Thuan province.

Minh Phat Company was established in 2007 and granted the Certificate No. 48121000032 by Binh Thuan People’s Committee with the total area of ​​125,163 sqm. Minh Phat is planning to invest in a luxury resort project combining luxury villas and villas for sale or lease with the trade name Rivera Park – Mui Ne.

The Board of Directors of Long Giang Land also agreed to appoint Mr. Le Ha Giang on behalf of the Board of Representatives to represent the capital contribution portion and sign the relevant documents.

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