Quốc Cường Gia Lai to sell its shares in Sông Đà Riverside

A 3D-rendered image of the Sông Đà Riverside Project in Hiệp Bình Phước Ward, Thủ Đức District, HCM City. — Photo vietnambiz.vn

HÀ NỘI — Quốc Cường Gia Lai's (QCG) board of directors recently approved the sale of the firm's remaining 34 per cent shares of real estate firm Hiệp Phúc JSC.

In April, QCG sold 56 per cent of Hiệp Phúc JSC's share to LDG Group.

Hiệp Phúc JSC, formerly known as An Vui International JSC, was founded in 2008. In 2017, QCG purchased 90 per cent shares of the firm and raised its charter capital from VNĐ30 billion to VNĐ650 billion (US$28 million).

The same year, Hiệp Phúc bought the Sông Đà Riverside Project for nearly VNĐ340 billion from ANI JSC with an initial agreement that the two firms co-develop the project with Hiệp Phúc's contribution at 49 per cent.

Disputes among partners soon surfaced followed by a legal battle that lasted five years.

The 2.8-hectare Sông Đà Riverside located in Hiệp Bình Phước Ward, Thủ Đức District, HCM City was earmarked for an investment amount of more than VNĐ1.3 trillion with five buildings, each with 25 floors, and a central square.

QCG has been reportedly putting up for sale shares from a number of real estate firms since the end of last year. — VNS

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