The Board of Directors of Quoc Cuong Gia Lai Joint Stock Company (HoSE: QCG) has approved the divestment of its entire stake in Pham Gia Construction and Housing Business Joint Stock Company and Hiep Phuc Real Estate Joint Stock Company. This move is part of the company’s financial restructuring plan and efforts to secure resources to fulfill its obligations as per the court’s ruling in the Truong My Lan case.
According to the plan, upon completion of the transactions, Quoc Cuong Gia Lai will no longer hold any shares in these two companies. The divestment is expected to be finalized in Q1/2026.
The transaction price will be determined based on the independent valuation results, ensuring compliance with legal regulations and not falling below the initial investment cost. Eligible buyers include financially capable partners and investors, including related parties.
As per the Q3/2025 financial report, Pham Gia Construction and Housing Business JSC has a chartered capital of VND 260 billion, with Quoc Cuong Gia Lai holding 43.81%. Hiep Phuc Real Estate JSC has a chartered capital of VND 419.3 billion, with QCG owning 34%. Both companies operate in the real estate sector.
If the divestment proceeds as planned and at the minimum price of the initial investment, Quoc Cuong Gia Lai is expected to generate at least VND 256 billion.
The divestment plan was approved by the company’s shareholders on December 17, aimed at settling the debt obligations as per the court’s final ruling in the Truong My Lan case.
The liability stems from a land purchase and transfer agreement for the Bac Phuoc Kien project with Sunny Island Investment JSC. According to the court’s decision, the total liability amounts to VND 2,882.8 billion. To date, the company has paid VND 1,100 billion using proceeds from equipment leasing and personal loans, and is actively arranging finances to settle the remaining obligations.
As part of its capital mobilization strategy, Quoc Cuong Gia Lai plans to divest from its subsidiaries and affiliates this year. Additionally, the company aims to open up its projects for collaboration with external partners, including related parties, to develop and maximize the potential of its real estate portfolio.
Novaland Celebrates Positive News
Novaland is accelerating construction across its portfolio, with projects like The Park Avenue, Victoria Village, and The Grand Manhattan progressing at an impressive pace.
Ho Chi Minh City’s Expanded Region Surges Ahead with Population Decentralization Trend
The demand for real estate in the expanded areas of Ho Chi Minh City is experiencing a notable rebound after a period of stagnation. Among these, the former Binh Duong area, now known as Binh Duong Ward, has emerged as a standout, witnessing a significant surge in interest.
The Background of Two Special Companies Sold by Quoc Cuong Gia Lai to Settle a Trillion-Dong Debt to Truong My Lan
The anticipated completion of all transfer transactions is scheduled for the first quarter of 2026.
Real Estate Stocks Surge, Propelling VN-Index to Gain Over 25 Points
Real estate stocks have emerged as a magnet for investor capital, with VHM and NVL leading the charge in a stunning rally. The VN-Index surged over 25 points, inching closer to the 1,755 milestone.
FLC Targets $27 Million Profit in Real Estate Sector, Stock Set to Relist by Early 2026
FLC Group anticipates its real estate division will deliver robust profits in 2025, while concurrently aiming to reinstate its stock trading on the securities exchange at the earliest opportunity.
