Wednesday, December 19 2018

VietNamNews

Saigon Reai Estate to lift charter capital

Update: April, 04/2018 - 09:00
A view of An Phú Đông apartment project in HCM City’s district 2. — Photo saigonres.com.vn
Viet Nam News

HÀ NỘI — Saigon Real Estate Joint Stock Company (HOSE: SGR) has asked its shareholders to approve plans to increase charter capital from VNĐ396 billion to VNĐ555.4 billion (US$17.4 million-24.4 million) in 2018.

SGR’s plan for raising charter capital includes the issuance of shares to make 2017 dividend payments, with payout ratio of 15 per cent, instead of cash.

The company will also make public offering or private placement, with the offered shares amount equivalent to 25 per cent of the company’s charter capital. In 2018, SGR plans to earn VNĐ270 billion in pre-tax profits and pay dividend at a payout ratio of 25 per cent.

SGR’s An Phú Đông apartment project in HCM City’s District 2, started in the second quarter of 2017 with 308 apartments and is expected to be finished in the fourth quarter of 2018, 90 days earlier than predicted.

Phase one apartments went up for sale at the end of 2017 and SGR will strive to sell 90 per cent of the apartments by Q2 of 2018.

In Q3 of 2018, SGR plans to start construction of An Phú River View project in HCM City’s Thủ Đức District with 306 apartments.

The company is also waiting for the city authority’s construction permits to build 330 apartments at the An Phú Residence project next to the An Phú River View project.

According to SGR, these two projects will generate significant revenue and profit for the company in 2018.

In addition, SGR has completed legal procedures for its Saigonres Condotel project in Vũng Tàu City, which is expected to start construction in Q4 of 2018.

Saigonres Condotel is a 36-storey hotel including two basements with total investment of VNĐ1.4 trillion.

Besides, Gem Riverside Project in HCM City’s Thủ Đức District, jointly invested by SGR with Đất Xanh Real Estate Service & Construction Corporation (DXG) with total investment capital of VNĐ5 trillion, is currently waiting for investment licence. — VNS

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