Phat Dat approves share transfer in Hoa Phu, expected to generate at least VND 3 trillion in proceeds
The Board of Directors of Phat Dat Real Estate Development Corporation (PDR: HOSE) has approved for its subsidiary to transfer all shares currently held in Hoa Phu Building Real Estate Investment and Development JSC, at a transfer value of no less than VND 3 trillion.
According to the BOD Decision, Binh Duong Building Real Estate Investment and Development Joint Stock Company, a subsidiary controlled by PDR, will transfer all 136,863,000 shares it is holding in Hoa Phu.
Hoa Phu is currently the developer of Thuan An 2 High-Rise Residential Complex located in Thuan Giao Ward, Ho Chi Minh City, formerly Thuan An City, Binh Duong Province. The project covers a land area of approximately 2.65 ha and comprises a high-rise zone with commercial and service facilities, a kindergarten, and residential units, together with a low-rise residential zone.
Upon completion of the transaction, PDR expects to generate proceeds of at least VND 3 trillion. The divestment forms part of the Company's capital restructuring plan, aimed at optimizing its investment portfolio and concentrating resources on key projects with large scale, clear legal standing, and potential for development in the near term.
The BOD has authorized the Company's management and the capital representative at Binh Duong Building Real Estate Investment and Development JSC to seek potential buyers, conduct negotiations, and complete all relevant legal procedures. Further information will be disclosed once official details become available.
Read the full Information Disclosure here.
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