Vinaconex ITC wants to raise VND 1,440 billion for the Cai Gia project, increasing capital 5 times
VietReader 15-10-2020, 23:47

Information from the parent company Vinaconex, the project of Cai Gia tourist urban area, has a total investment of the whole project, according to which it reaches 600 million USD, equivalent to about 14,000 billion VND. Updated from Vinaconex ITC’s Q3 / 2020 Financial Statements, the unfinished investment value in this project is 825 billion VND.

The Board of Directors of Vinaconex Tourism Development and Investment Joint Stock Company (Vinaconex ITC – Code: VCR) has just issued a resolution approving a plan to offer 144 million common shares to strategic investors from the fourth quarter / 2020 to quarter II / 2021.

Shares issued separately to strategic partners will be restricted to transfer for one year from the date of completion of the offering in accordance with the law.

With the expected asking price of 10,000 dong / share, Vinaconex ITC can earn 1,440 billion dong from the above issuance.

The purpose of this capital mobilization is used to supplement capital to implement the Cai Gia urban tourism project, Cat Ba. Capital use progress is divided into 6 phases corresponding to 6 consecutive quarters from the fourth quarter of this year to the first quarter of 2021.

Vinaconex ITC wants to raise VND 1,440 billion for the Cai Gia project, increasing capital 5 times

Source: VCR

Information from Vinaconex’s parent company (Code: VCG), Cai Gia tourist urban area project, Cat Ba is located at the gateway of the center of Cat Ba island resort – World Biosphere Reserve, overlooking Cai Bay Basket, Tung Thu Bay with an area of 172 hectares. The project consists of two phases with investment for each phase is 300 million USD. The total investment of the whole project accordingly reaches USD 600 million, equivalent to about VND 14,000 billion.

According to Vinaconex ITC’s Q3 / 2020 Financial Statements, as of September 30, long-term work in progress at Cai Gia project is more than VND 825 billion, an increase of VND 30 billion compared to the beginning of the year.

Also in this resolution, the Board of Directors of Vinaconex ITC approved the increase of charter capital on the basis of a successful offering. Charter capital after this issuance is expected to increase from 360 billion to 1,800 billion.

In case of not distributing all the shares as planned, the Board of Directors of Vinaconex ITC continues to distribute to other strategic partners under the initial offer conditions. If it cannot continue to distribute to other partners, the number of shares issued will be adjusted according to the actual number of shares distributed.

Source: vietnambiz.vn – Translated by fintel.vn