Hoang Quan Real Estate Consulting Services Trading Corporation (stock code HQC, HoSE market) has approved the issuance of private shares to swap debt.
Specifically, Hoang Quan Real Estate plans to issue 50 million shares to swap a total debt of VND 500 billion (issuance price at VND 10,000 per share).
The swap ratio is VND 10,000 of debt for 1 HQC share. Notably, this price is higher than the current market price of HQC shares. The implementation is scheduled for 2025–2026, pending approval from the State Securities Commission.
Privately issued shares will be restricted from transfer for one year from the issuance date. Upon completion, HQC’s charter capital will increase to VND 6,266 billion.
HQC has disclosed the debt swap list, which includes four parties: Hai Phat Investment Joint Stock Company (stock code HPX, HoSE market) will swap VND 212 billion of debt for 21.2 million HQC shares. VDC Construction Design Consulting Company Limited will swap VND 19 billion for 1.9 million shares.
Mr. Truong Anh Tuan, Chairman of HQC’s Board of Directors, will swap VND 236 billion for 23.6 million shares, increasing his ownership to 11.76% of the charter capital. Mrs. Nguyen Thi Dieu Phuong, Mr. Truong Anh Tuan’s wife, will swap VND 33 billion for 3.3 million shares, equivalent to 0.53% ownership.
If successful, these four creditors will collectively own 15.96% of HQC’s charter capital post-issuance.
Source: HQC
Previously, in late November 2025, Hoang Quan Real Estate approved the temporary suspension of the private share issuance file for debt swapping. According to HQC, the reason for the suspension was the need to adjust and update additional information in the issuance file. The company will proceed with these adjustments and continue the issuance at an appropriate time.
Regarding business performance, in the first nine months of 2025, Hoang Quan Real Estate recorded net revenue of nearly VND 51 billion, a 12.8% increase compared to the same period in 2024. After-tax profit reached over VND 18.1 billion, a 32% decrease.
As of September 30, 2025, the company’s total assets slightly decreased by 2.3% from the beginning of the year to nearly VND 9,872 billion. This includes short-term receivables of over VND 4,843.9 billion, inventory of over VND 1,410.6 billion, and long-term financial investments of over VND 2,350 billion.
On the liabilities side, total debt stands at over VND 4,460.1 billion, a 5.3% decrease from the beginning of the year. This includes loans and financial leases of nearly VND 1,697 billion.
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