Phat Dat wants to sell its billion-dollar subsidiary in Binh Dinh

Phat Dat Real Estate Development Joint Stock Company (stock code: PDR) has just announced that it has assigned Mr. Nguyen Van Dat, Chairman of the Board of Directors of the company, to find a partner to negotiate the transfer of capital at Ngo May Investment Joint Stock Company - a subsidiary that owns a key project in Quy Nhon City, Binh Dinh. The transfer price is required to be no lower than the investment cost.

Ngo May Company was established by Phat Dat in 2019 after winning the auction for a land lot of more than 5,200 m² on Ngo May Street (Quy Nhon City) at a price of 127 billion VND. By mid-2022, the enterprise officially started the Cadia Quy Nhon project on this land, later changing the commercial name to Q1 Tower and expected to be handed over in 2025.

Q1 Tower was once considered by Phat Dat as a key project, with expectations of expanding the resort real estate sector. However, the project's progress has been slower than planned, although the company said it would be eligible for sales this year.

According to the update, the project includes two 40-storey towers, providing 864 serviced apartments, 362 hotel rooms and shophouses.

Phát Đạt muốn bán công ty con vốn nghìn tỉ tại Bình Định - Ảnh 1. — Land to deploy Q1 Tower project at the end of October 2024.

In the financial report for the first quarter of 2025, Phat Dat recorded nearly VND309 billion in inventory at the Q1 Tower project. This amount includes the land auction fee paid to the budget, design, survey, consulting and construction costs.

Previously, in the mid-2024 bond issuance, Phat Dat used VND388 billion out of the total VND1,128 billion mobilized to lend to Ngo May Company to develop the project. According to the newly announced capital use report, the total loan value is up to VND400 billion, to build a 5-star High-class Hotel Service Trade Center.

In addition to the Q1 Tower project, Phat Dat also invested in a series of other large-scale projects in Binh Dinh such as the Bac Ha Thanh urban area of over 43 hectares with a total capital of over VND 2,343 billion; another project of 5,245 m²; along with subdivision 4 of the Nhon Hoi New City project with an area of up to over 341,600 m².

Also related to Phat Dat, recently, Mr. Nguyen Tan Danh, son of Mr. Nguyen Van Dat, sold all of the nearly 3.4 million PDR shares he was holding, citing personal reasons.

On the stock market, PDR shares are trading around VND 17,900/share, recording a slight downward trend recently.

Source: https://nld.com.vn/phat-dat-muon-ban-cong-ty-con-ngan-ti-o-binh-dinh-196250623164526428.htm