Purchase to assist Vinaconex 3 in its construction and investment activities.
At an Extraordinary General Meeting held on September 4, shareholders of the Vietnam Construction JSC No. 3 (Vinaconex 3) approved a report from the Board of Directors on increasing the holding of the An Phat Real Estate Investment Trading JSC in the company from 24 per cent to 51 per cent.
An Phat becomes the largest shareholder in Vinaconex 3, with shares totaling 4.08 million.
The shares will be sold to An Phat from existing shareholders without a public bid.
With an increased participation by An Phat, Vinaconex will boost its construction and investment activities in projects in Thanh Hoa and Thai Nguyen provinces and seek opportunities to strengthen its investment in Hanoi.
Vinaconex also has plans to increase its charter capital from VND80 billion ($3.52 million) to VND200 billion ($8.8 million) by issuing 12 million shares.
Vinaconex 3 was established under a decision from the Ministry of Construction. It has developed a number of projects, including a residential project in Trung Van ward in Hanoi’s Nam Tu Liem district and a complex of housing, office space for lease, and schools at 310 Minh Khai Street in the capital’s Hai Ba Trung district, among others.
Established in 2012, An Phat has charter capital of VND500 billion ($22 million) and has developed projects in Thanh Hoa, including the Dragon Sea Hotel in Sam Son Beach.