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Ben Thanh Land developer to list in Ha Noi
Ben Thanh Land Corporation plans to list on the Ha Noi Stock Exchange next month to improve transparency and liquidity, according to its chief.
Nguyen Cao Tri, the firm's General Director, unveiled plans for listing more than 11.35 million shares at last week's inauguration of the company's 22-storey Ben Thanh Times Square mixed development on Ky Con Street in HCM City's District 1.
In February, the corporation issued new shares at a huge premium to strategic partners – domestic and foreign property investment companies – raising almost VND100 billion (US$5.23 million) to increase its charter capital to VND113.55 billion (About $6 million) from VND83.55 billion and raise funds for projects under way.
Last year it reported net profits of VND60 billion ($3.1 million), which is expected to rise to VND100 billion this year.
Ben Thanh Land, whose institutional founding shareholders are Ben Thanh Group, Ben Thanh Tourist company, and the joint-stock Oriental Commercial Bank, began operations in late 2006 and has eight projects in HCM City alone, including the Nam A convention centre, apartment-hotel complex Ibis Ben Thanh Palace, and Ben Thanh Times Square.
vietnamnews
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