The Board of Directors of Thanh Nam Group (HoSE: TNI) has just approved the establishment of a subsidiary company Da Nang New Sun Co., Ltd.
The chartered capital of the subsidiary is expected to be 200 billion VND, investment from asset and cash of TNI. Its headquarter is at Hoang Sa Street, Son Tra district, Da Nang. This is the land plot owned by Thanh Nam.
According to the financial report for the second quarter of 2017, Thanh Nam Group owns a land plot with an area of 2,039sm in Da Nang with a book value as of 30/6/2017 is nearly 153 billion. The purpose of holding the plot is to wait for the price increase and the Group further explained that the fair value of the land is not lower than the book value.
Also in Danang, with the project Condotel Le Duc Tho has an area of 6,000sm, this corporation will set up Son Tra Investment and Development Company to implement the project with chartered capital of 5.6 billion VND. It is expected to transfer 60% of its capital to foreign investors for joint execution.
On September 19th, Thanh Nam Group will hold an extraordinary shareholders’ meeting to offer 31.5 million shares to existing shareholders at a ratio of 1: 1.15 with the issue price of 10,000 VND/share.
You can read more information at Vietnam Real Estate Market
Offer period is expected in 2017 and authorized for the Board to decide. With the total number of 315 billion VND, TNI will invest 115 billion VND in a hotel, apartment, and real estate projects; repay short-term loans of 105 billion VND and supplement capital for the implementation of business contracts with 95 billion VND.
At the same time, TNI will also submit an investment plan for the hotel and tourist apartment project at Vuon Dao Hotel in Bai Chay, Ha Long with an area of 8,816sm and in Hoang Sa, Da Nang with the area of 2,039sm.
In addition, TNI has also launched a policy of seeking and investing in real estate projects throughout the country.
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