Specifically, the time for share purchase and payment registration will last from May 16 to June 05, 2024.
To summarize the offering plan this time, PDR will issue more than 134 million shares at a price of VND 10,000/share for existing shareholders, the offering ratio is 5.5:1 (shareholders holding 5.5 shares are entitled to buy 1 additional share). Shareholders are not allowed to transfer their rights to purchase.
It should be noted that 7 professional investors who bought more than 67 million shares in PDR‘s private placement in 2023 will not be allowed to purchase shares in this offering.
With more than VND 1,343 billion that can be raised from the offering, PDR will use it to implement the Company’s real estate projects, including: The project of investing in developing urban areas in zones 2 and 9 of Nhon Hoi ecological tourist urban area, Binh Dinh province; the project of a residential area combined with urban renewal in Bac Ha Thanh; the project of a high-class commercial service and hotel center; two projects of Thuan An 1 and 2 high-rise complex residential areas.
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The amount of money raised is expected to be allocated to each detailed project item
Source: PDR
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Regarding the status of the projects, at the 2024 Annual General Meeting of Shareholders, Chairman of PDR‘s Board of Directors Mr. Nguyen Van Dat said that the Bac Ha Thanh project will be the Company’s focus this year, and it is expected to complete payment for land use by May-June 2024 and meet the conditions for sale, then start selling in the second quarter, revenue and profit will be recognized in the last 2 quarters of the year. Meanwhile, Thuan An 1 project has building permit for the main structure, and Thuan An 2 project has building permit for the pile foundation.
Previously, in the Resolution updating the offering plan in February, PDR said that in case the amount raised from the offering does not reach 100% of the plan as expected, the Board of Directors will consider supplementing the remaining capital by mobilizing capital from bank loans such as Vietnam Military Commercial Joint Stock Bank (MBBank), Vietnam Prosperity Joint Stock Commercial Bank (VPBank),… In addition, the Company may use cash flow from sales at projects to supplement capital if necessary.
