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Middle Eastern investment fund becomes major shareholder in Văn Phú - Invest
VIAC Limited Partnership, part of the Vietnam Oman Investment (VOI) fund, announced that it received more than 29.65 million shares from Văn Phú - Invest (VPI) on November 1.
A real estate project of Văn Phú - Invest. — Photo tapchicongthuong.vn
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Oman Investment Authority is a joint venture between Oman Investment Authority (OIA) and the State Capital Investment Corporation of Việt Nam.
These shares represent 9.3 per cent of the total VPI shares in circulation on the market. As a result, VIAC has officially become a major shareholder of Văn Phú - Invest.
VIAC first invested in Văn Phú - Invest in 2021 by purchasing 690,000 convertible bonds, without warrants, worth a total of VNĐ690 billion (US$27.2 million) issued by the real estate company. The bonds have a 3-year term and are secured by more than 27 million VPI common shares owned by a third party.
According to the agreement, VIAC will convert the entire bondholding into VPI shares upon maturity. The conversion price is set at VNĐ35,000 per share, with adjustments outlined in the bond purchase agreement.
With the funds raised, Văn Phú - Invest invested in real estate projects such as Phong Phú Riverside (VNĐ453 billion) and BT Saigon (VNĐ100 billion). The remaining funds will be used to supplement the company’s business operations.
By the end of July, Văn Phú - Invest and VIAC reached an agreement to convert the bonds into shares at an adjusted price of VNĐ23,271 per share, which is equivalent to VNĐ29.65 million shares.
On Tuesday, VPI’s share price was last traded at VNĐ58,000 per share, down 0.51 per cent from the previous session. This means VIAC's conversion price is about 60 per cent lower than the current market price.
Since the beginning of the year, the share price of VPI has risen by more than 28 per cent.
In the third quarter, Văn Phú - Invest recorded VNĐ855 billion in net revenue and VNĐ110 billion in profit after tax, respectively 3 times and 3.4 times higher than the same period last year, thanks to revenue from the sale of real estate at the 'The Terra' project in Bắc Giang Province.
As of the end of the first nine months of this year, the company posted a profit after tax of VNĐ206 billion, achieving 59 per cent of its yearly target.
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