Property developer FLC Group has forecast a revenue of 5.5 trillion VND(255.8 million USD) and profit of 1.16 trillion VND (54 million USD) forthis year.
It reflects a 2.5-fold growth, compared with the sameperiod last year. This year is being considered a breakthrough year forthe group as several of its real-estate projects would go on sale.
The firm has executed various real-estate projects with a total investment capital of 1 billion USD.
In addition, the FLC Group is also planning to list its shares on the Singaporean stock market.
Speakingat the recent shareholder meeting in Hanoi, Doan Van Phuong, FLCGeneral Director, said its shareholders approved to raise chartercapital to 8.4 trillion VND (392.5 million USD). The additional chartercapital would be supplemented from its property projects.
Phuongsaid the charter capital had been raised because it expected to seestrong business in the real-estate market this year. This was also thereason why the company wants to concentrate all of its resources toquickly introduce its property projects in the market.
Trinh Van Quyet, Chairman of the Management Board, added that the projects will certainly bring benefit to the group this year.
"Therehave been a number of organisations available for financing –Vietinbank for example has offered 25 trillion VND funding for the 2014to 2020 period," Quyet said, adding that the company would not have touse preferential bank loans to implement its projects.
This year,it will continue to negotiate to acquire some housing projects,especially those that have completed legal procedures and land clearanceto shorten execution work, thus capturing opportunities from thestrongly recovered property market.
He said that according toSavills' valuation, the total capital used for real-estate projects wasup to 10 trillion VND (467 million USD), much higher than that of 5.7trillion VND (266.3 million USD) in its financial report last year.
"Savills appraises its net asset value at up to 28 trillion VND (1.3 billion USD)."
Lastyear, the company had acquired two real-estate projects in the capitalcity of Hanoi, for a combined capital of 2.3 trillion VND (107 millionUSD), adding to its M&A portfolio, which had also seen the purchaseof the FLC Garden City in 2013 for 3.5 trillion VND (162.8 million USD).
ByJanuary 2015, FLC Group had increased its charter capital from 771billion VND (35.9 million USD) to nearly 3.75 trillion VND (174.4million USD). It also succeeded to issue 800 billion VND (37.2 millionUSD) worth of convertible bonds to facilitate its projects.
MarketVectors Vietnam Exchange-traded Fund is FLC Group's major foreignshareholders, owning a 5.11 percent stake. In addition, Deutsche Bankalso participated in the meeting.-VNA
It reflects a 2.5-fold growth, compared with the sameperiod last year. This year is being considered a breakthrough year forthe group as several of its real-estate projects would go on sale.
The firm has executed various real-estate projects with a total investment capital of 1 billion USD.
In addition, the FLC Group is also planning to list its shares on the Singaporean stock market.
Speakingat the recent shareholder meeting in Hanoi, Doan Van Phuong, FLCGeneral Director, said its shareholders approved to raise chartercapital to 8.4 trillion VND (392.5 million USD). The additional chartercapital would be supplemented from its property projects.
Phuongsaid the charter capital had been raised because it expected to seestrong business in the real-estate market this year. This was also thereason why the company wants to concentrate all of its resources toquickly introduce its property projects in the market.
Trinh Van Quyet, Chairman of the Management Board, added that the projects will certainly bring benefit to the group this year.
"Therehave been a number of organisations available for financing –Vietinbank for example has offered 25 trillion VND funding for the 2014to 2020 period," Quyet said, adding that the company would not have touse preferential bank loans to implement its projects.
This year,it will continue to negotiate to acquire some housing projects,especially those that have completed legal procedures and land clearanceto shorten execution work, thus capturing opportunities from thestrongly recovered property market.
He said that according toSavills' valuation, the total capital used for real-estate projects wasup to 10 trillion VND (467 million USD), much higher than that of 5.7trillion VND (266.3 million USD) in its financial report last year.
"Savills appraises its net asset value at up to 28 trillion VND (1.3 billion USD)."
Lastyear, the company had acquired two real-estate projects in the capitalcity of Hanoi, for a combined capital of 2.3 trillion VND (107 millionUSD), adding to its M&A portfolio, which had also seen the purchaseof the FLC Garden City in 2013 for 3.5 trillion VND (162.8 million USD).
ByJanuary 2015, FLC Group had increased its charter capital from 771billion VND (35.9 million USD) to nearly 3.75 trillion VND (174.4million USD). It also succeeded to issue 800 billion VND (37.2 millionUSD) worth of convertible bonds to facilitate its projects.
MarketVectors Vietnam Exchange-traded Fund is FLC Group's major foreignshareholders, owning a 5.11 percent stake. In addition, Deutsche Bankalso participated in the meeting.-VNA
