Vietnam Construction and Import-Export Corporation (VCG-HOSE) announces the Board of Directors’ decision to approve the transfer of capital contribution in Vinaconex Investment and Tourism Development Joint Stock Company – Vinaconex ITC (VCR-UPCoM).
Specifically: The Vinaconex Board of Directors has issued Decision No. 1439/2025/QD-HDQT on approving the transfer of the Corporation’s capital contribution in Vinaconex ITC.
The number of shares to be transferred is 107.1 million, representing 51% of the ownership, with a minimum selling price of VND 48,000 per share. The method of capital transfer will be through direct negotiation with interested investors.
The Board of Directors authorizes the Corporation’s General Director to implement the necessary procedures for the transfer of the Corporation’s entire capital contribution in Vinaconex ITC according to the approved plan, ensuring compliance with relevant laws and the Corporation’s charter.
Vinaconex ITC is known as the investor of the Cai Gia, Cat Ba Tourism Urban Area Project (commercially known as Cat Ba Amatina Project) in Hai Phong City.
At the 2025 Annual General Meeting of Shareholders, VCG leaders announced that the Cat Ba Amatina Project (Vinaconex ITC) had completed the basic infrastructure of the project, with an implementation volume of about VND 500 billion in 2024, and expected to launch products to the market in 2025.
For the first quarter of 2015, VCR recorded a consolidated after-tax profit of VND 5.5 billion, an increase in loss compared to the same period in 2024 (VND 4.67 billion). This was due to higher management expenses incurred in the first quarter, and no revenue recognition as the company is in the investment phase, only recognizing operating expenses.
As of January 31, 2025, the company recorded a distributed after-tax profit of VND 545.3 billion, an increase from the beginning of the year.
Previously, on April 22, 2025, the Vinaconex ITC Board of Directors issued a resolution approving a maximum loan of VND 300 billion from Vinaconex with a term of 12 months from the disbursement date.
Accordingly, the Vinaconex ITC Board of Directors plans to borrow at a suitable interest rate in line with the market lending rate. The repayment guarantee is the revenue stream from business operations at the Cat Ba Amatina Project.
The purpose of Vinaconex ITC’s loan is to serve the company’s production and business activities, including but not limited to, payment of debts to contractors, regular operating expenses; making payments (if any) to the state budget, repayment of principal and interest on bank loans when the company does not have cash flow… and other expenses related to the Cat Ba Amatina Tourism Urban Area Project.
It is known that VCR successfully organized its 2025 Annual General Meeting of Shareholders, with the approved business plan including: business output value of VND 523.64 billion, up 7% over the same period (VND 487.88 billion); total revenue of VND 1,793.31 billion, up 57.121% (VND 3.14 billion), and a profit of VND 568.59 billion (a loss of VND 21.83 billion in 2024).
In addition, VCR shareholders also approved the plan to deploy and conduct business of the Cat Ba Amatina Project in 2025, including: continuing to complete legal procedures and construction work for the Project; Adopting investment and business methods for the Project, including: i) Transferring a part of the Project to other investors for further investment; ii) Operating and/or selling, leasing, or leasing-to-buy houses and constructions of the Project; iii) Cooperating with third parties to deploy sales; and other business forms… in accordance with the actual conditions of the Project deployment and legal regulations.
Continue working with credit institutions and financially capable investors to implement cooperation plans, capital mobilization activities (including mortgaging the Project’s assets to mobilize capital), and increase the capital scale for implementing the Project’s investment and business plans in accordance with the actual deployment of the Project and legal provisions.
