Thanh Thanh Cong Investment JSC is to buy more than 16 million shares of Sai Gon Thuong Tin Real Estate JSC (SCR), equivalent to 4.7 percent of the company’s outstanding shares.
An overview of Panomax River Villa project in HCM City's District 7 (Source: panomaxrivervilla.net)
The transaction is scheduled from December 5 to December 31.
Thanh Thanh Cong said the company is expected to spend 100 billion VND (4.3 million USD) for the acquisition.
On the stock market, SCR shares price has plunged to the bottom of the last three years since 2016.
Since earlier this year, SCR shares have been traded with stable liquidity with an average of 2.8 million shares matched during each session. The figure for the nearest 10 sessions is 3.2 million shares matched per day.
In the first nine months of this year, SCR saw an increase of 50 percent in post-tax profit, reaching 304 billion VND, fulfilling 95 percent of the yearly plan.
In the last quarter of this year, the company said it would continue selling apartments in Panomax River Villa project in Ho Chi Minh City with expected revenue of more than 1.5 trillion VND. In 2020, SCR plans to simultaneously implement seven real estate projects in the centre of HCM City, Dong Nai, Da Nang and Lam Dong.
Recently, SCR has also signed a strategic cooperation with the Republic of Korea partner Lotte E&C to invest in projects with a total value of 100 million USD.
Thanh Thanh Cong Investment JSC, a unit of Thanh Thanh Cong Group, was established in 1979 and specialised in the sugar cane trade. In 2012, the company was officially changed to a joint-stock model with main activities being traditional trade of sugar, molasses and dunes products, with a distribution system of 1,000 industrial customers.
Currently, the company is investing in warehousing and transportation services, focusing on constructing works to serve the operation and business development as well as to boost import and export activities./.VNA