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 transferred 28,476,800 ordinary shares, equivalent to 88.99% of the charter 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 the “Hoa Binh – Thanh Yen Complex”. Phat Dat 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 repayment capacity for loans and bonds.
Mr. Vu assessed that Phat Dat’s outstanding bond was not too large compared to the Company’s total assets. Besides, with its strategy to restructure the investment portfolio, the Company focuses 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 pre-paid bonds. According to 3Q2022’s financial statements, it is calculated that Phat Dat’s total debt decreased from VND 5,265 billion to about VND 4,700 billion, especially the bond balance down to VND 2,500 billion. The Board of the Company said that it had prepared a plan and roadmap to pay the loans on time and ensure bondholders’ benefits.