Phat Dat Real Estate Development Corporation (HOSE: PDR) has completed the transfer of its stakes in Hoa Binh Land JSC – the owner of the project at No. 197 Dien Bien Phu Street, Ward 15, Binh Thanh District.
As in the announcement, Phat Dat has transferred 28,476,800 ordinary shares, or 88.99% of the registered capital of Hoa Binh Land JSC, to a partner.
Hoa Binh Land JSC is the investor of the project at No. 197 Dien Bien Phu Street, Ward 15, Binh Thanh District, popularly known as “Hoa Binh – Thanh Yen Complex”. Phat Dat had previously acquired this project after the transfer of Astral City worth VND 3.340 billion.
The deal is part of Phat Dat’s investment portfolio restructuring strategy to optimize investment resources, generate capital flows and increase loan and bond repayment capacity.
Mr. Vu estimated that Phat Dat’s outstanding bonds were not too large in relation to the company’s total assets. In addition, with its investment portfolio restructuring strategy, the Company is focusing on potential projects in 2023. Specifically, Phat Dat plans to launch more than 12,000 products from projects in Binh Dinh, Binh Duong at the end of 1Q2023 and Ba Ria Vung Tau at the end of 2Q2023.
Thus, since the end of October 2022, Phat Dat has settled VND 558.7 billion in loans, including VND 338.7 billion in prepaid bonds. According to the 3Q2022 financial statements, it is calculated that the total debt of Phat Dat has increased from VND5.265 billion to around VND4.7 trillion, especially the bond balance to VND2.5 trillion. The company’s board said it had prepared a plan and roadmap to repay loans on time and secure bondholder benefits.