Phat Dat Real Estate Development Joint Stock Company (PDR) has announced an unusual transaction on the Ho Chi Minh City Stock Exchange (HoSE), revealing the sale of its entire capital in a subsidiary, valued at over 1.408 trillion VND.
Specifically, the Board of Directors (BOD) of PDR has approved a plan for its subsidiary, Binh Duong High-Rise Building Investment and Development Joint Stock Company (Binh Duong High-Rise Building Company), to execute two transactions involving Thien Long Investment and Development Joint Stock Company (Thien Long Company).
Mr. Nguyen Van Dat is authorized by the BOD to seek partners, negotiate, and sign contracts.
The plan includes Binh Duong High-Rise Building Company purchasing an additional 18.961 million newly issued shares of Thien Long Company, valued at 189.614 billion VND at par value. Subsequently, all owned shares of Thien Long Company, including both existing and newly acquired shares, totaling over 140.839 million shares (equivalent to 1.408 trillion VND at par value), will be transferred to domestic or foreign investors. Upon completion of this transaction, Thien Long Company will no longer be a subsidiary of Phat Dat.
The BOD has authorized key individuals, including Nguyen Van Dat (Chairman of the BOD), Bui Quang Anh Vu (CEO), and Tran Thi Huong (Capital Representative and Chairman of the BOD at Binh Duong High-Rise Building Company), to handle all matters related to the share transfer.
Thien Long Company is the developer of the Thuan An 1 High-Rise Complex Residential Project in Binh Duong. The project spans approximately 1.8 hectares, featuring a 39-story building with 3-4 basement levels and nearly 2,700 apartments and shophouses.
In September, Phat Dat also approved the sale of a portion of its capital in Thuan An 1 High-Rise Real Estate Investment LLC, a company established in September 2025 with a charter capital of 250 million VND, 99% of which is owned by Phat Dat (247.5 million VND).
On a personal note, Mr. Nguyen Van Dat recently sold 88 million PDR shares, earning over 2.1 trillion VND, which has raised concerns among shareholders. Following this transaction, Mr. Dat retains ownership of 271.8 million shares (27.7%).
At the close of trading on November 3, Phat Dat’s stock (PDR) dropped sharply by 5.1%, to 21,300 VND per share.
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