Thaiholdings: The second quarter to the third quarter will have enough space to deploy the 352 ha project in Phu Quoc

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Thaiholdings said that by the end of March, the 352 ha project in Phu Quoc is preparing to go into the work of site clearance compensation and it is expected that the second quarter to the third quarter will have enough ground to implement the project.

Thaiholdings JSC (Ticker: THD) has announced its 2020 annual report which contains many notable contents related to capital increase and project plans.

Increased capital to 7,000 billion

Thaiholdings said this year the company plans to increase its charter capital from VND 3,500 billion to VND 7,000 billion through the issuance of shares to existing shareholders.

The purpose of capital increase is to invest finance in enterprises with the same industry, business field and units with potential for future growth.

Besides, the company also plans to restructure the investment portfolio, the policy of transferring or divesting some units to realize investment profits in the coming time.

Recently, Thaiholdings continuously transferred a series of projects belonging to the Thaigroup Group, including the Minh Tam cement plant project and the DAP 3 fertilizer production project in Lao Cai province and the rights to the project’s mines.

In particular, the transfer price of the fertilizer project will not be lower than VND 400 billion and is expected to be implemented in the third quarter of this year. And the cement project is expected to be transferred in the first quarter with a minimum price of 650 billion VND.

The second quarter to the third quarter will have enough space to deploy the 352 ha project in Phu Quoc

The company said that in the coming time, it will focus on developing two real estate projects, a 3.5-hectare project at 5-7 Dao Duy Anh, Dong Da, Hanoi and the Enclave Phu Quoc project.

The project in Dao Duy Anh will include a shopping mall and shophouse, an international event center, an entertainment area for all ages, hotels and luxury apartments. In mid-January, Thaiholdings said it had received a technical service contract from The Shilla Hotels & Resorts under the Samsung Group for the cooperation to build a high-end complex on this “golden land”.

As for the project of the 5-star Enclave Phu Quoc resort complex in Hon Thom with a size of 352 hectares with a total estimated initial investment of about VND 9,800 billion, Thaiholdings is expected to invest here about 40 – 80% of the total counterpart fund. The project is invested by Phu Quoc Enclave JSC (a subsidiary of 98% capital owned by Thaiholdings).

According to information from the annual report, as of the end of March, the project is preparing to go into site clearance compensation work. The company expects the second quarter to the third quarter of Phu Quoc Enclave JSC will have enough space to implement the project.

The latest move is that Thaiholdings Board of Directors has approved the capital contribution to establish Thaihomes Investment Joint Stock Company with Thaihomes’ charter capital of 268 billion VND. In which, Thaiholdings contributed 51% of the capital, equivalent to a total amount of nearly VND 137 billion.

The company is responsible for implementing business brokerage consulting and management and operation of real estate projects that the company has been, is and will implement in the future.

In addition to the land fund that Thaiholdings after M&A Thaigroup, this group also owns 80.45% of the shares of Ton Dan Hanoi JSC owns the Thaiholdings Tower of more than 5,000 billion, 18.7 hectares of land in Ninh Phuc Port, 2, 7 ha of land in Xuan Thanh urban area (Ninh Binh), worth more than 1,000 billion VND.

Source: vietnambiz.vn – Translated by fintel.vn