The Board of Directors of No Land Investment Corporation (Novaland, HOSE: NVL) has decided to transfer nearly VND34.34 million ordinary shares of Phu Dinh Port Joint Stock Company – Harbor project owner City.
At the price of 10,000 dong / share, Novaland has spent VND343.4 billion for the deal. This helped Novaland raise its ownership in the Phu Dinh port to 59.73% (previously the group held 27.91% of charter capital of Phu Dinh port).
Phu Dinh Port Joint Stock Company is currently the owner of Harbor City project in District 8 – Ho Chi Minh City. HCM. The project has a total area of 60ha, including 640,000 m2 of floor space, including 3,240 double garden villas, expected to open in the fourth quarter of 2017.
By this deal, Novaland has successfully harnessed Harbor City.
M & A is still a way to help Novaland expand its development
This is Novaland’s second “shopping” since early this year. Previously, in late February, the group decided to transfer 99.99% of charter capital at Bach Hop Real Estate Company Limited, equivalent to VND213 billion.
Novaland is one of the largest real estate corporations in Vietnam. The consolidated financial statement for 2016 recorded revenue of VND7,369 billion, after tax profit of VND1,659 billion. The company has total assets (as at December 31, 2016) reached VND36,527 billion, equity of VND10,046 billion.
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Phu Dinh Port Joint Stock Company was formerly known as Ho Chi Minh City River Port Company, an enterprise under the control of Sai Gon Transport Engineering Corporation Limited (Samco). In early 2017, the company increased its chartered capital from VND 330 billion to VND 1,000 billion.
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