Chairman Nguyen Van Dat announced the transaction this afternoon. The head of Phat Dat Real Estate Development JSC (stock code: PDR) plans to sell the shares through private placement within one month, starting 5/9.
The shares are worth approximately 2,160 billion VND based on the latest closing price of 24,550 VND. After the transaction, Dat will retain over 271 million shares, representing 27.7% of Phat Dat's capital. Including the ownership of Phat Dat Holdings LLC, where he serves as chairman, his total stake is 36.45%.
In a notice to the Ho Chi Minh City Stock Exchange (HOSE), Dat stated the purpose of the transaction is to address personal financial needs. On the company's website, he described the sale as "sacrificing short-term benefits so that Phat Dat and its shareholders can achieve more sustainable, long-term benefits."
According to Phat Dat, the proceeds from the sale of Dat's personal assets could support the company's new, larger-scale business plans.
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Nguyen Van Dat. Photo: PDR |
Nguyen Van Dat. Photo: PDR
Phat Dat stated their major goals are to improve their financial health, pursue promising projects, and generate strong, rapid cash flow. They are currently negotiating to acquire several large-scale projects in the core regions of Ho Chi Minh City, Binh Duong, Ba Ria - Vung Tau, and Hanoi.
At the annual general meeting in late June, when the share price was 18,000 VND, Dat expressed his expectation that the price could reach 30,000 VND by the end of the year. In recent shareholder meetings, he has reiterated this prediction, expressing confusion about the current low price, despite acknowledging the company's strong foundation and interest from domestic and international investors in joint project development.
Dat is confident the most challenging period has passed and the company is facing a rare opportunity for a new growth cycle. This opportunity, he believes, stems from both external factors and internal strengths. He cited factors such as the warming real estate market, the government's decisive efforts to remove obstacles for businesses, the company's abundant land bank, and a shift in thinking towards cooperative project development.
"We are entering a period of acceleration with major and intensive plans," Dat said.
Phat Dat targets revenue of 3,300 billion VND this year, including financial revenue and share transfers from subsidiaries. Pre-tax profit is projected to reach 910 billion VND, and after-tax profit 728 billion VND, both the highest in the past 3 years.
PDR shares are also on a strong upward trend. In the past month, the stock has gained over 28%, significantly exceeding the VN-Index's nearly 12% increase.
Phuong Dong
