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VietNamNews

Property developer merges

Update: June, 08/2012 - 10:35

HA NOI — Property developer FLC (FLC) plans to merge with its affiliate FLC Land by issuing 60.18 million shares to swap for 51 million FLC Land shares – equivalent to a 1:1.18 ratio of exchange.

After the merger, FLC's charter capital will increase to VND771.8 billion (US$36.7 million), while total assets reach VND2 trillion.

Accordingly, FLC is said to benefit VND160 billion ($7.6 million) from the sale of the FLC Landmark Tower project.

However, company bank loans after merger will be approximately VND200 billion ($9.5 million).

FLC's shareholder meeting has approved this year's dividend payment at 15 per cent.-VNS

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