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Dragon Capital buys 7.5% of Sacomreal
Dragon Capital has become a strategic shareholder of the property developer Sacomreal with a contract officially signed on Tuesday.
Accordingly, Dragon Capital will acquire 7.5 per cent, or 7.5 million of Sacomreal's 100 million equities at the price of VND40,000, according to Sacomreal chairman Dang Hong Anh.
Foreign investors will have an ample room, over 40 per cent, when the company is expected to list at the Ha Noi Stock Exchange in July.
Dragon Capital will support and provide consultancy to Sacomreal in seeking local and foreign investors for the development of its property projects.
According to Dragon Capital's investment director Vu Huu Dien, real estate has large long-term potential and he sees a good outlook for Sacomreal.
"We highly appreciate Sacomreal's young and competent staff that helped the company manage the development risks during the crisis," said Dien.
The company targets a pre-tax profit of VND650 billion (US$34.2 million) this year, compared to VND137 billion in 2009 when its chartered capital was VND568 billion.
Shareholders will receive 30 per cent dividends this year–half in cash and half in shares.
The company is currently constructing four of its 18 projects. Several more will begin development this year, including the 83ha Celadon City and the 10ha Phu Thuan Projects in HCM City.
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