In recent developments, the Board of Directors of Total Joint Stock Company for Investment and Construction Development (DIC Corp, stock code: DIG) has approved a plan to borrow funds for the Cap Saint Jacques Complex project’s phase 2 and phase 3 (tourist apartment and hotel block).
Accordingly, DIC Corp plans to borrow from the Bank for Investment and Development of Vietnam (BIDV) with a total borrowing limit of VND 1,500 billion. The purpose of this loan is to pay for legal fees, issue guarantees, and open LCs for the Cap Saint Jacques phase 2 and 3 projects, including interest during the construction period, which is included in the total investment of the project.
The borrowing is expected to take place from the third quarter of 2024, with a maximum loan term of 120 months from the date of disbursement.
Location of the Cap Saint Jacques Complex.
The Cap Saint Jacques Complex spans 11,312 square meters and comprises three structures ranging from 27 to 31 stories tall. With a total investment of VND 3,577 billion, the project features a 5-star hotel and condotel as its main attractions. Phase 1 of Cap Saint Jacques included the C1 tourist apartment block (372 units) and has been completed and put into use.
Phases 2 and 3 of the project encompass the C3 5-star hotel and the C4 tourist apartment and hotel block, respectively. The feasibility study report, including basic design drawings, is currently undergoing appraisal by the Ministry of Construction. In late November 2021, the company commenced the construction of phase 2.
On June 25, DIC Corp approved the transfer of the commercial service area belonging to the Cap Saint Jacques Complex project – phase 1, covering a commercial area of 6,554 square meters. The transferee is its subsidiary, DIC Tourism Company Limited (DIC Hospitality).
The transfer was executed through the signing of a sales contract for the constructed area within the commercial service area and a sales contract for removable furniture and equipment belonging to the commercial service area. The handover is expected to take place in June 2024.
DIG also announced that DIC Hospitality is responsible for paying land use fees/land rent for the commercial service area portions upon notification from the tax authority. The transfer value has not been disclosed by DIG.
Declining USD Prices: Banks and Free Market Suffer Declines
Approaching Tet holidays, the USD price in banks and the free market dropped significantly, despite the international USD index maintaining a high level.
Vietnam Airlines sees promising results in its quest for financial balance
By the end of 2023, this business has incurred a total loss of over 5.8 trillion VND despite a 30% increase in revenue.
BIDV appoints new batch of senior staff members.
BIDV, the Vietnam Joint Stock Commercial Bank for Investment and Development, has recently announced the decisions made by its Board of Directors and the Supervisory Board regarding the appointment of high-level personnel.
