Real estate developer Phat Dat gets nod to issue 67.2 mln shares

Phat Dat Real Estate Development JSC says it has received approval from the State Securities Commission (SSC) to issue 67.16 million new shares in a private placement.

The shares will be sold to seven investors at VND10,000 ($0.41) each and restricted from trading for a year, the firm said in a statement last week.

PDR will use the proceeds, VND671.6 billion ($27.4 million), to pay the principal and interest on bonds issued in 2021 and 2022.

Since the start of this year, PDR has been one of the firms active in liquidating and buying back bonds before maturity, totaling VND1.5 trillion ($61.22 million).

In addition, the firm has livened up the local real estate market with projects like Astra City and Thuan An, both in the southern city of Binh Duong, and Bac Ha Thanh in the central province of Binh Dinh.

All projects are making progress with their legal procedures, PDR said.

With the SSC’s approval for the new share issuance, PDR is well placed to complete the goal of bringing its outstanding bonds to zero by the end of this year, returning to a robust growth trajectory and continuing to develop new large-scale projects, the company said.

PDR shares closed Tuesday at VND20,950 ($0.86), hitting their floor price with a 6.9% fall.