Phat Dat Real Estate Will Repay VND1 Billion To DongA Bank

The target of Phat Dat Company in 2017 is to focus on revenue of about 1,000 billion to pay off debts of Dong A bank, reduce debt bonds and achieve profit after tax of VND336 billion.

Mr. Nguyen Van Dat, Chairman of Phat Dat Real Estate Development Joint Stock Company has just approved the business result in 2016, the business plan of 2017 and organize the general meeting of shareholders in the year 2017.

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Accordingly, this year, Phat Dat targets revenue from sales and services of VND2,000 billion, after-tax profit of VND336 billion. With the results achieved in 2016, Phat Dat will pay a dividend of 10%.

With this plan, Phat Dat plans to deduct 6% of its after-tax profits into development investment fund, 5% for welfare fund and bonus fund and share dividend to shareholders at 85% profit after tax, equivalent to VND286 billion.

The Everich 2, now renamed River City, is a project that has killed Phat Dat and is in debt

The company also plans to pay dividends on shares to increase charter capital by 10% in 2017. Thus, Phat Dat plans to issue VND20.2 million shares in the second quarter of this year by the line The proceeds from undistributed profit after tax at the end of 2016.

Phat Dat’s plan for 2017 is to restructure its financial assets by reducing inventory, reducing debt to equity and increasing return on total assets. The company has also set a target of VND1 trillion in revenue to pay off its debts and reduce debt.

At the same time, focus on implementation, construction of BT projects to exchange infrastructure for high-value land in the center of Ho Chi Minh City. Continue to build and operate projects on the existing land fund.

DongA Bank’s loan of VND1 trillion was to implement the EverRich 2 project in 2008. The EverRich 2 had made Pham Dat dead. Currently, the project has been renamed River City after being acquired by An Gia Real Estate Development and Investment Corporation and Creed Group.

At present, Phat Dat owes DongA Bank VND421 billion with interest rate of approximately 15 percent and corporate debt of over VND2,000 billion.

It is expected that on March 22, Phat Dat will hold its annual shareholders’ meeting in 2017. On the market, Phat Dat Real Estate Joint Stock Company PDR’s share price is trading around VND 14,100 / share. The volume of listed shares is 201,809,971 shares. The market capitalization of Phat Dat is about VND284,5 trillion.

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