Dragon Capital buying up PDR stocks

February 12, 2015 | 13:46

(0) user say

According to information from the Vietnam Stock Depository, two funds under Dragon Capital, Vietnam Enterprise Investments Ltd. (VEIL) and Amersham Industries Ltd. (Vietnam Growth Fund) purchased 10 million Phat Dat Real Estate Development Corporation (PDR) shares on Feb 5.

The EverRich 2 project

On February 5, seven million PDR shares were transferred to VEIL and the remaining stocks were transferred to Vietnam Growth Fund from Nguyen Thi Dieu Hien, PDR chairman Nguyen Van Dat’s wife.

Given that PDR market shares are traded at around VND16,700 ($0.78) per unit at present, the total value of the deal is worth approximately VND170 billion ($7.94 million). By estimation based on this value, the said number of shares is equivalent to 7.7 per cent of PDR stocks.

Earlier on, Hien was registered to sell 11 out of her 19.2 million PDR shares as part of her investment portfolio restructuring. Meanwhile, her husband Dat, also the biggest shareholder at PDR, owns 76.8 million shares which represent 59 per cent of the company’s chartered capital.

Dat has currently registered to buy an additional one million PDR shares and the company plans to boost its capital from VND1.302 trillion ($60.84 million) to VND2.018 trillion ($94.3 million) via a five per cent dividend payout as additional share issuance and offering existing shareholders an attractive 2:1 ratio to purchase additional shares issued at the par value of VND10,000 ($0.47) per share.

PDR’s liquidity has grown dramatically in recent years, with average trading volume reaching 200,000 transactions a day.

By By Trang Nguyen

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional