PVC announces auction will take place at the end of this month.
The PetroVietnam Construction JSC (PVC) has announced it will auction its shares in the PV-SSG Real Estate JSC (PV-SSG). The starting price of its 10 million shares, (a stake of 25 per cent) will be VND10,080 ($0.462) per share and the auction will take place at 8am on August 31. The deadline for registration and deposits is August 25.
After being founded in 2010, PV-SSG began to raise funds from shareholders in order for its charter capital to reach VND800 billion ($36.66 million). It only succeeded, however, in acquiring VND390 billion ($17.87 million). The five shareholders were the SSG Group (49 per cent), PVC (25 per cent), PVI (10 per cent), Ocean Bank (10 per cent), and PVN (6 per cent).
PV-SSG was founded to implement the My Dinh Pearl project. It is to consist of five-star hotels, offices, and apartments located on an area of 3.8 ha in Hanoi’s Nam Tu Liem district. There will be two apartment blocks with 666 apartments, over 500 hotel rooms of five-star standard, and a Grade A office block. Other facilities include a pool, a gym, a sauna, a sky bar, and restaurants, among others.
PV-SSG will complete the structural design this year and lay the foundations. The basement of the west building is also expected to be completed this year.