The Board of Directors of Vinaconex, a leading Vietnamese construction and trading corporation (listed on the Ho Chi Minh Stock Exchange as VCG), has approved the transfer of its entire stake in Vinaconex ITC, amounting to 107.1 million shares (51%). The minimum selling price has been set at VND 48,000 per share.
The sale will be negotiated directly with interested investors, and VCG expects to generate approximately VND 5,141 billion from the transaction if it is successful.
The VCG Board has authorized the General Director to carry out the necessary procedures to complete the transfer in accordance with the approved plan and ensure compliance with legal and corporate regulations.
VCR is the developer of the Cai Gia – Cat Ba tourism urban area project, spanning 176.1 hectares in Cai Gia Bay on Cat Ba Island, Hai Phong. The initial estimated investment for this project was nearly VND 11,000 billion.
Current status of the Cat Ba Amatina project. Source: VCG
|
As of the first quarter of 2025, Vinaconex ITC had invested over VND 4,920 billion in the project, accounting for nearly 94% of the company’s total assets. However, the project has not yielded the expected results. Notably, VCR incurred a cumulative loss of more than VND 545 billion as of March 31, 2025.
For the year 2025, VCR forecasts a significant surge in total revenue to VND 1,793 billion, up from VND 3.1 billion in 2024. According to the company’s management, this expected growth is based on the prediction that the real estate market will rebound in 2025, fueled by a comprehensive set of legal guidelines and the government’s strong directives. Additionally, the improved and systematic investment in the infrastructure of Hai Phong city and Cat Ba Island is expected to contribute positively.
Consequently, the projected profit before tax is estimated at VND 569 billion. If realized, these figures would represent record-breaking achievements for the Cat Ba Amatina project and would also signify an end to the company’s streak of losses since 2017.
| Financial performance of VCR from 2010 to 2024 |
According to Vinaconex’s 2024 annual report, the Cat Ba Amatina project has substantially completed its infrastructure development, with an investment of approximately VND 500 billion in 2024. The project is expected to launch its products to the market this year.
Vinaconex’s intention to divest from VCR is not new information. During the 2024 Annual General Meeting of Shareholders, the company’s management acknowledged that the Cat Ba Amatina project had been stalled for over a decade and only resumed in 2020. They recognized that it is a large-scale resort project, and as leisure travel is not a pressing need for the general public at present, the market demand is relatively weak.
In 2024, VCG agreed with VCR to formulate a sales plan, taking into account market conditions. They decided to either sell wholesale or dispose of a portion of the project, ensuring that the selling price guarantees profitability.
Clarifying Vinaconex’s Withdrawal from the Cat Ba Amatina Project
– 15:54 01/07/2025
Technical Analysis for July 1st: Risk Signals Emerge
The VN-Index and HNX-Index both opened lower, with a decrease in trading volume during the morning session, indicating a cautious sentiment among investors.
A State-Owned Enterprise Struggles to Divest Its Stake in MSB.
Vishipel did not sell any shares during the period of May 20 to June 18, out of the total 320,323 MSB shares registered. Notably, the starting price set by Vishipel was higher than the current market price of MSB shares.
“Exit Strategy: Unveiling Phát Đạt’s Capital Retreat from Q1 Tower Project”
On June 20th, the Board of Directors of Phat Dat Real Estate Development Joint Stock Company (HOSE: PDR) approved the proposal to transfer all its shares in its subsidiary, Ngo May Real Estate Investment Joint Stock Company. The transfer price will not be lower than the cost price.
“VSC Registers to Sell Over 6.3 Million Shares of VGR Stock”
Prior to the transaction, Viconship was the parent company, holding over 47 million VGR shares, equivalent to 74.35% of the charter capital.
Technical Analysis for June 18: A Cautious Market Sentiment
The VN-Index and HNX-Index opened with contrasting fortunes, with a slight dip in trading volume indicating investor uncertainty at resistance levels.
