Sunshine Development JSC has announced plans to acquire a significant stake in Long Bien Construction JSC, a company affiliated with its CEO, Do Thi Dinh. The acquisition is part of Sunshine’s strategy to expand its real estate portfolio, with a focus on large-scale, high-end projects.
The proposed acquisition involves approximately 41 million shares, equivalent to 99.12% of Long Bien Construction JSC’s charter capital, with a total value of VND 1,000 billion. The transaction is expected to take place over the next two years, with Sunshine utilizing a combination of loan proceeds and/or its own capital to fund the purchase.
Long Bien Construction JSC is the developer of a prestigious high-rise project in Long Bien District, Hanoi, known as Sunshine Green Iconic. This project encompasses an area of 16,770 square meters and comprises four luxury apartment buildings. The acquisition of this project aligns with Sunshine’s commitment to delivering exceptional residential experiences to its customers.
Sunshine’s management has also shared that due to the ongoing challenges in the real estate market, the company plans to distribute dividends in the form of shares during 2024-2025. This approach will allow Sunshine to maximize its resources for reinvestment, M&A, and project development, including the eight potential projects with a total investment of over VND 110,000 billion that the company has already secured through MoUs.
Moving forward, the Board of Directors intends to propose a dividend distribution plan to the General Meeting of Shareholders, which may include cash dividends, depending on the market conditions and the company’s financial performance. According to the audited consolidated financial statements for 2023, Sunshine recorded a profit after tax of nearly VND 1,300 billion, with accumulated retained earnings of approximately VND 2,335 billion.
As per the latest update from Chairman Do Anh Tuan, Sunshine is currently developing over 20 projects under the Sunshine brand, with the majority being undertaken by Sunshine Homes. “During this phase, we cannot simultaneously develop such a large number of projects. Therefore, depending on the recovery of the real estate market, we must restructure our portfolio and capital sources, including funds raised domestically and internationally,” said Mr. Tuan. “We will present our plans to our shareholders for their approval and continue the transfer of projects from Sunshine Group to Sunshine Homes in the future.”
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