LienVietPostBank invests $22m in Sacomreal

May 24, 2017 - 14:30

LienVietPostBank on Tuesday decided to invest VNĐ500 billion (US$22 million) in Sài Gòn Thương Tín Real Estate Company (Sacomreal).

LienVietPostBank will pour $22 million in real estate developer Sacomreal through the bond purchase. — Photo vietstock.vn

Viet Nam News

HÀ NỘI — LienVietPostBank on Tuesday decided to invest VNĐ500 billion (US$22 million) in Sài Gòn Thương Tín Real Estate Company (Sacomreal).

As per the approved plan, LienVietPostBank will buy Sacomreal’s bonds with a 42-month tenure.

The two sides have not yet announced the bonds’ interest rate, but it is likely to be lower than what Sacomreal had anticipated. In late 2016, Sacomreal planned to issue bonds equal to 10 to 20 per cent of its charter capital to domestic and foreign institutional investors so as to acquire capital for its business plans.

LienVietPostBank’s representatives said the interest rate would reflect the credibility and efficient use of capital in projects that LienVietPostBank has evaluated.

This investment will be the first step in a long-term co-operation plan between the two sides, LienVietPostBank added.

Having posted a consolidated after-tax profit of VNĐ23 billion in the first three months of 2017, up 142 per cent year on year, Sacomreal is among the top 10 real estate developers in Việt Nam. The company is targeting a net revenue of VNĐ2.51 trillion and an after-tax profit of VNĐ208 billion in 2017, up two- and three-fold respectively against 2016. The real estate developer also expects to pay a dividend of 7 to 10 per cent this year.

LienVietPostBank posted a pre-tax profit of around VNĐ470 billion in the first quarter of 2017. The bank’s total assets at the end of 2016 stood at VNĐ141 trillion. — VNS

Tags LienVietPostBank Sacomreal

Work starts on $84.5-million glove manufacturing project in Nam Định

bizhub

Mega trading project starts construction in Đà Nẵng

bizhub

Samsung holds second corporate social responsibility day

bizhub

Growing wine market to be worth US$382 million

bizhub

Taiwan and Việt Nam collaboration in the water treatment sector is promising prosperity

bizhub

Maersk opens its first bonded warehouse in Việt Nam

More on this story

bizhub

Japanese fund manager owns 20% stake in Bibo Mart

Bibo Mart, the largest retail chain of mom and baby products in Việt Nam, on Tuesday officially announced that Singapore-based Japanese fund manager ACA Investments had invested in the company.

bizhub

KIDO ups VN Vegetable Oil holdings

Food producer KIDO Group reported yesterday that it had increased its holding in the Việt Nam Vegetable Oils Industry Corporation Joint Stock Company (VOC) from 24 per cent to 51 per cent.

bizhub

Fly for free across Việt Nam with Vietjet

Vietjet on Monday announced a three-golden-day promotion, which offers millions of promotional tickets priced from zero dollars, starting from Tuesday.

bizhub

Three Vietnamese teams get Facebook sponsor package

The three best teams won sponsor packages from Facebook (FbStart) worth $80,000 each at the TOPICA AI Edtech Asia Hackathon 2017, the largest artificial intelligence contest in Southeast Asia.

bizhub

VNA sells HCM City-Australia return tickets at $483

National carrier Vietnam Airlines has launched a promotional offer for flights between HCM City and the two Australian cities of Sydney and Melbourne, offering return tickets at VNĐ10.99 million (US$483).

bizhub

Samsung Thái Nguyên to employ 15,000 more workers

Samsung Electronics Thái Nguyên (SEVT) will continue to expand its production scale, creating jobs for some 15,000 people and increasing export turnover and contribution to the State budget.

bizhub

M-commerce key to business success

Businesses who hope for success need to stay abreast of the latest m-commerce trends in order to retain their competitive edge in the business environment, Nguyễn Ngọc Dũng, vice president of Vietnam E-commerce Association, said at the Vietnam Mobile Day 2017 event.