No Va Real Estate Investment Group JSC (HM:NVL) is expected to invest another 430.7 billion dong in its subsidiary
The Prince Residence. After completing capital contribution, Novaland will own 99.892% of capital in this member unit, equivalent to more than 990.3 billion VND. Implementation is expected in November and December.
The Prince Residence is the investor of the apartment-office project of the same name in Ho Chi Minh City. From June 2019, this enterprise is also a major shareholder owning 70% of capital at Aqua City Company Limited - the investor of the Aqua City ecological urban area project (Dong Nai) with a scale of 1,000 hectares.
On November 18, Novaland completed the issuance of VND 1,000 billion of bonds to 43 domestic investors to contribute capital and cooperate in investment and development of urban areas in Phuoc Hung Island (also known as Phuong Island). Hoang - Phoenix Island) belongs to the Aqua City project. The bond has a term of 2 years, a fixed interest rate of 10.5%/year and is paid every 6 months.
Since the beginning of the year, the group has issued more than VND 6,000 billion of bonds, most of which are due in 2023 and have interest rates of 10.5%-11%/year. The proceeds from the issuance will be used to increase the scale of operating capital, invest in projects in the provinces of Ba Ria-Vung Tau, Dong Nai, Phan Thiet...
Besides, on the upcoming December 27, Novaland will close the list of shareholders receiving the 2020 dividend in shares at the rate of 31%. Accordingly, the group plans to issue nearly 457 million more shares to pay dividends, charter capital is expected to increase to about VND 19,304 billion.
Issued capital comes from accumulated undistributed after-tax profit on the consolidated audited financial statements (VND 12,051 billion) and the parent company (VND 6,411 billion) as of December 31, 2020.
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