Phat Dat Corp CEO spends $7.63 mln on 18 mln PDR shares

Bui Quang Anh Vu, CEO of Phat Dat Real Estate Development Corp (PDR), has purchased over 18 million PDR shares via order matching, according to the firm's report on internal trading.

Vu registered his purchase of 20 million PDR shares between November 24 and December 23 with the Ho Chi Minh Stock Exchange (HoSE) and ended up buying 18.01 million shares for VND180.1 billion ($7.63 million).

He now holds over 21.22 million PDR shares, raising his ownership to 3.16%.

Commenting on PDR share prices, Vu said the stock has declined recently due to "general sentiments" in the stock market, and investor cautiousness, particularly regarding the property business. The current prices do not correctly reflect PDR's value, he said.

In response to questions about business executives registering to buy shares but not going through, Vu said the suitable time for buying needed consideration since it was a personal investment, but expressed confidence in the firm's business plan and strategy.

Problems in the stock market and the real estate market were temporary and PDR is prepared to adapt to such developments, Vu added.

During the one-month period in which Vu registered to buy shares, PDR recorded positive moves in portfolio restructuring and early settlement of loans and bonds.

In particular, the firm completed transactions for a project at 197 Dien Bien Phu street, Binh Thanh district, Ho Chi Minh City, a prime land lot. The firm also spent VND1,300 billion ($55.08 million) to settle loans and buy back two lots of bonds before maturity.

In addition to the CEO, members of his company's board of directors had also registered to purchase shares. Directors Doan Dai Viet and Le Quang Phuc registered to buy 850,000 and two million shares, respectively.

PDR shares have reached ceiling prices and witnessed record trading in recent sessions. Foreign investors have accounted for a large number of transactions.

With positive developments resulting from business activities, PDR shares are expected to start a new journey and return to their true valuation, Vu said.