CenLand closed several representative offices in the provinces and returned to plans to raise capital

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In just two months, CenLand has continuously closed 11 representative offices in the provinces in the country. In addition, the company “moved” back to its unfinished capital raising plan from the 2019 annual General Meeting of Shareholders.

Century Real Estate JSC (CenLand – Code: CRE) has just announced the closure of 9 representative offices in the provinces because the company has no need to maintain these representative offices.

In which, the units closed were Cen Da Nang, Cen Ha Long, Cen Nha Trang, Cen Bac Ninh, Cen Hai Phong, Cen Vinh Phuc, Cen Thanh Hoa, Cen Nghe An, Cen Hung Yen. Most of these representative offices have been in operation for 3 to 4 years.

In addition, the above representative offices have no signed contracts, have no debts with any individual or organization and have no labor contracts, so there is no need to settle contract liquidation or debt payment procedures.

At the end of the previous August, CenLand also terminated the operations of Cen Quang Binh and Cen Thai Nguyen from August 14. On the same day, CenLand Board of Directors also decided to establish Cen Investment and Brand Management Company Limited (Cen BM) with a charter capital of 20 billion VND in Hanoi. The main activities are real estate consulting and management; real estate business and brokerage.

Recently, CenLand Board of Directors has issued a resolution on the plan to issue shares to increase charter capital and will consult shareholders to pass this resolution in November.

At the 2019 Annual General Meeting of Shareholders, the General Meeting of Shareholders of CenLand approved and assigned the Board of Directors to implement the plan of issuing 80 million shares to increase charter capital from 800 billion VND to 1,600 billion VND.

However, the Board of Directors has decided to suspend the implementation of the plan to issue shares to increase charter capital due to the unfavorable market situation, and at the same time, capital-using projects have arranged enough capital from the source of sales and other sources.

On October 19, shareholders holding CRE shares before September 28 will be paid 10% cash dividends.

Source: vietnambiz.vn – Translated by fintel.vn