Vietnam's real estate developer Phat Dat issues over 34 mln shares to foreign investors
Phat Dat Real Estate Development Corp (HoSE: PDR) has issued 34,095,000 shares to foreign investors for debt conversion, in accordance with a resolution adopted by its board of directors on Wednesday.
Logo of Phat Dat Real Estate Development Corp. Photo courtesy of the company.
The issuance formed part of the company’s strategy of financial restructuring and strengthening cooperation with foreign investors, as approved at the 2024 AGM.
Accordingly, 34,095,000 shares were issued at a swap price of VND20,000 ($0.77) apiece, totaling VND340.95 billion ($13.19 million) in value.
The debt conversion and issuance were completed on Wednesday. All of these shares will be subject to a one-year transfer restriction from the issuance date.
Pursuant to the Wednesday resolution, Phat Dat chairman Nguyen Van Dat has been fully authorized to carry out all related procedures, including reporting the issuance results to the State Securities Commission, submitting the additional listing application to the Ho Chi Minh Stock Exchange (HoSE), and completing charter capital adjustments in accordance with the issuance results.
This debt-for-equity share issuance is one of the financial solutions approved at the 2024 AGM as part of the company's financial restructuring plan, aimed at enhancing operational efficiency in the coming period.
It also helps Phat Dat ease debt pressure and strengthen its strategic cooperation with foreign investors.
On the HoSE, PDR closed Wednesday at VND16,500 ($0.64) apiece.
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