The Board of Directors of FLC Group (stock code: FLC) has just approved the plan to mobilize capital from individuals and organizations to supplement business operations as proposed by the General Director’s Office. Accordingly, the FLC General Director’s Office is assigned based on its functions and tasks, delegating or authorizing the direction of divisions and specialized units to develop and implement detailed plans for capital mobilization.
The legal representative of the group or the authorized person shall preside over the organization and implementation, including but not limited to deciding on the time and amount of loans in line with the group’s capital needs for production and business activities. In addition, the group is responsible for searching for, selecting and deciding on the lender, negotiating the signing of contracts, agreements, and documents related to FLC’s capital mobilization from lending units/individuals and other relevant contents.
According to the certificate of enterprise registration change number 35 dated March 26, 2024 of FLC, the group’s headquarters has been moved to the 5th floor, FLC Landmark Tower, Le Duc Tho Street, My Dinh 2 Ward, Nam Tu Liem District, Hanoi. The group’s charter capital is VND 7,100 billion, but all shares have been suspended from trading on UPCoM. The legal representative of the company is Mr. Le Tien Dung, General Director of FLC.
Picture of FLC Group’s new headquarters.
Recent information shows that FLC Group is facing great difficulties in capital sources. According to information from HNX, FLC has to pay a total of VND 120 billion in interest and VND 996.4 billion in principal to settle the FLCH2123003 bond lot. However, by the end of the year, the company had only paid VND 6 billion in interest and VND 100 million in principal.
FLC said it is negotiating with bondholders to approve an extension plan, expected to be paid before December 28, 2025 if approved by bondholders.
In addition, FLC Group also tops the list of tax debts in Quang Binh province as of the end of January with an amount of more than VND 277 billion. Furthermore, FLC Faros Construction JSC – an enterprise in the FLC ecosystem is also on the list with a tax debt of more than VND 11.56 billion,…
In early 2024, FLC held its first extraordinary General Meeting of Shareholders in 2024. The company’s leadership shared that the two years of 2022-2023 were an extremely difficult and challenging period for the Group when it had to go through many difficulties in its operation due to being directly affected by the information and issues related to the cases of former senior leaders – typically Mr. Trinh Van Quyet. However, the group has also achieved some remarkable achievements after the restructuring process.
The total value of existing assets is estimated at over VND 21,000 billion, maintaining the quality and value of assets. FLC Group has been and is approaching the research of many projects, spread across 20/63 provinces and cities nationwide, focusing on implementing some key projects. The group has made a contribution to the state budget of about VND 800 billion and fulfilled loan obligations of about VND 4,400 billion.
After a strong restructuring process, the personnel structure has been reduced by 60%, balancing the organization and stabilizing the income for more than 3,500 cadres and employees, with a total salary and bonus in 2023 of more than VND 300 billion. The group has merged 50% of its departments, established a new Business & Strategy Department, and an IT Department.
In 2024, the Group will continue to promote the restructuring of the Group and redefine its core business areas with three main pillars: Real Estate Business, Resort Business, and M&A projects to restructure loans and maintain business operations.
