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Banking & Finance

Novaland acquires majority ownership of Harbor City project

Released at: 16:14, 28/03/2017

Novaland acquires majority ownership of Harbor City project

Photo: Viet Tuan

Purchase in Phu Dinh Port, owner of Harbor City, to increase Novaland's holding to 59.73%.

by Hai Van

The Board of Management at the Nova Real Estate Corporation (Novaland, HSX stock code NVL) has recently approved the corporation’s purchase of 34.34 million common shares of the Phu Dinh Port Joint Stock Company, worth VND343.4 billion ($15.08 million) and representing 34.34 per cent of charter capital.

The purchase will increase Novaland’s holding in Phu Dinh Port to 59.73 million shares, or 59.73 per cent of charter capital. It currently holds 27.91 per cent.

Phu Dinh Port JSC, formerly known as the Ho Chi Minh City River Port Company, is an enterprise directly under the Saigon Transportation Engineering Corporation One-Member Limited Liability Company (SAMCO) and owns the Harbor City project in Ho Chi Minh City’s District 8. The project has a total area of 60 ha, of which the building area is nearly 640,000 sq m and includes 3,240 villas. It is expected to open in the fourth quarter of this year.

Harbor City has been built on land at Phu Dinh Port. At the beginning of this year the company increased its charter capital from VND330 billion ($14.5 million) to VND1 trillion ($43.9 million).

Novaland is one of the leading real estate developers in the south of Vietnam in the mid-end segment. Its 600 million shares were listed on HSX on November 28, 2016 and is behind only Vingroup in terms of total asset size, market capitalization, sales, and profit. The company currently owns more than 40 major projects, primarily in Ho Chi Minh City, totaling nearly 10 million sq m.

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