“Billions Left in Undisbursed Funds for the Long Tan Residential Project”

Specifically, in 2021, LCG issued 50 million shares to the public, successfully distributing over 47.9 million shares, equivalent to 95.88%, thereby raising over VND 479 billion.

According to the initial plan for capital usage approved at the 2021 Annual General Meeting of Shareholders (AGM), LCG would use the proceeds to invest in the construction of Long Tan residential infrastructure, contribute capital to Licogi 16 Gia Lai Joint Stock Company to implement phase 2 of the Chu Ngoc solar power plant project with a capacity of 25 Mwp, and repay the Company’s debts to credit institutions and subsidiaries.

By 2024, the LCG AGM approved an adjustment to the capital usage purpose from the above issuance, whereby instead of contributing capital to Licogi 16 Gia Lai Renewable Energy Investment Joint Stock Company, LCG contributes capital to a project enterprise to invest in the Huu Nghi – Chi Lang expressway project under the BOO format.

However, the Capital Usage Report states that as of May 31, 2025, LCG is still in the process of converting nearly VND 125 billion of contributed capital into Licogi 16 Gia Lai Renewable Energy Investment Joint Stock Company.

On the other hand, according to the plan, LCG would invest VND 150 billion in the construction of Long Tan residential infrastructure, but by the end of May 2025, only over VND 81 billion has been used, with nearly VND 69 billion remaining unused.

At the 2025 AGM, LCG presented the capital usage situation of the issuance finalized on April 4, 2025. During the period from April 4 to May 31, 2025, LCG has additionally invested VND 87 million in the Long Tan project.

In terms of progress, the General Meeting documents show that the Long Tan project has updated the land variation drawings according to the adjusted 1/500 planning in 2019 and submitted a dossier for adjusting the land allocation decision. The Ministry of Construction and the Department of Registration and Land Information under the Ministry of Natural Resources and Environment have issued documents on the project’s valuation for equitization to serve the dossier for transferring a part of the project.

For the Long Tan project, LCG aims to complete the transfer procedure for plots N3 and C3 and submit dossiers for the remaining 4 plots to partners in 2025; adjust the land allocation decision and submit full dossiers for land use certificates for the plots located in the adjusted planning area in 2019; approve the project’s house model for the 27ha area; adjust the house model for the 50ha area for issuance; approve the design and invest in social infrastructure items according to the planning; and deploy the design dossier for the N1 apartment building.

Ha Le

– 16:58 06/09/2025