On August 29, Phat Dat Real Estate Development JSC (HOSE: PDR) announced that Mr. Nguyen Van Dat, the company’s chairman, had decided to transfer 88 million PDR shares.
As a result of this transaction, Mr. Dat’s ownership stake decreased to 36.45%, including shares held by Phat Dat Holdings, his private company.
Mr. Dat transferred these 88 million shares through a negotiated deal, expecting to raise VND 2,000 billion to support Phat Dat’s upcoming business plans. This is not the first time Mr. Dat has used his personal assets to aid the company.
In late 2022, he also sold personal assets worth VND 2,000 billion to help Phat Dat repay its bond debts and fulfill its commitments to bondholders, helping the company overcome its financial crisis.
Mr. Nguyen Van Dat, Chairman of Phat Dat
“I would like to emphasize that this is a negotiated transaction and not a sale on the open market, nor is it a divestment,” said Mr. Dat, regarding the timing of this share transfer. “On the contrary, this decision is a proactive preparation of resources to support Phat Dat whenever needed.”
The chairman stressed that the company is at a crucial stage: “After a strong restructuring, we are ready for a new growth cycle. To move fast and decisively, we require significant and immediate resources. Therefore, both the company and I must act with determination and flexibility.”
“The shares I have decided to sell are only a part of my holdings, and I still retain a 36.45% stake in Phat Dat, remaining the largest shareholder. This underscores my commitment to accompanying the company. Phat Dat is like my flesh and blood. I intend to use the entire proceeds to support the company’s new investment plans whenever needed,” Mr. Dat shared.
Mr. Dat added, “With the positive changes in the real estate industry, I want to demonstrate that business leaders should not just wait for the market but take the initiative to create opportunities. My decision to sell shares is a concrete action to emphasize that I prioritize the company’s development and our shared future.”
“With a strong capital base, we can proactively negotiate, purchase good projects, and implement them with reasonable costs and faster timelines. Without sufficient resources, we may miss golden opportunities.”
“I choose to proactively reduce my personal interests for Phat Dat to move quickly, while also ensuring that every step the company takes is carefully calculated for speed and sustainability.”
With the expected proceeds of VND 2,000 billion, Phat Dat plans to accelerate project development and acquire new land funds in satellite cities of Ho Chi Minh City. Additionally, the company is developing another strategic focus by investing in iconic projects in the core urban areas of Ho Chi Minh City, Binh Duong, Ba Ria-Vung Tau, and Hanoi…
“We are currently in the process of negotiating several large-scale projects. Phat Dat’s new projects will feature professional infrastructure and product designs to differentiate our brand and provide higher value to our customers,” said the chairman.
Along with Mr. Dat’s personal preparations, Phat Dat is actively recovering receivables from the La Pura project, proceeding with the next sales phase for Quy Nhon Iconic, restructuring its investment portfolio, and optimizing the transfer of projects like Q1 Tower, Thuan An 1&2, and Han River…
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