Nam Long Investment JSC (NLG on HoSE) has approved the establishment of two new companies to acquire land plots in the Nam Long An Thanh Residential Area project – Vam Co Dong Urban Area.
The first is Loc An Thanh LLC, with a charter capital of VND128 billion, wholly owned by NLG. The second is Phuc An Thanh LLC, with a charter capital of VND68 billion, owned by Nam Long Commercial Property Ltd.
Both companies operate in the real estate sector and are headquartered in the commercial services area, MC5 lot, D1 Road, Vam Co Dong New Urban Area, An Thanh commune, Ben Luc district, Long An province.
The Vam Co Dong Urban Area project, also known by its commercial name Waterpoint integrated urban area, stretches along the Vam Co Dong river for 5.8 km.
Aquaria subdivision of the Waterpoint project
The urban area covers a total area of 355 hectares and is one of the largest projects in West Saigon, as well as a key project for Nam Long.
In another development, the Chairman of the Board of Directors, Nguyen Xuan Quang’s two sons, Nguyen Nam and Nguyen Hiep, have each registered to purchase 1 million NLG shares for investment purposes.
Specifically, Mr. Nguyen Nam registered to buy 1 million NLG shares as an investment. The transaction will be executed between September 25 and October 24 via matching or negotiated orders.
Mr. Nguyen Quang’s other son, Mr. Nguyen Hiep, also registered to purchase 1 million shares for investment purposes on September 26-October 25.
If the transactions are successful, Mr. Nam’s ownership in NLG will increase from 0.18% to 0.44% of the charter capital, equivalent to nearly 1.7 million shares. Mr. Hiep’s ownership will also increase from 0.35% to 0.61%, corresponding to 2.4 million shares.
Meanwhile, Chairman Nguyen Xuan Quang holds 40.4 million shares, or 10.51% of Nam Long’s capital.
In terms of business results, for the first six months of the year, Nam Long’s net revenue reached nearly VND457 billion, and its after-tax profit was nearly VND95 billion, both down more than 60% over the same period last year.
This year, Nam Long set an ambitious target of VND6,657 billion in revenue, a 61.5% decrease compared to the previous year. After the first half of the year, the company has only achieved 7% of its revenue target and 13.4% of its profit target.
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