Vietnam’s leading construction group Sudico is expected to raise at least VND60 billion (US$87 million) through an auction of six million shares next month to raise funds for property projects. Sudico, formally known as Song Da Urban and Industrial Zone Investment and Development Company, has set a reserve price of VND235,000 ($14.5) for the auction on August 10 at the Ho Chi Minh City Securities Trading Center.
The HCMC-listed Sudico (SJS) closed up 3.7 percent Tuesday at VND280,000.
The Hanoi-based company had a chartered capital of VND200 billion ($12.4 million) as of March 12.
Of this figure the state holds 51 percent, its staff 5.21 percent, and outsiders 43.79 percent [including 19.11 percent by foreign investors].
Over 95 percent of the company’s revenues come from construction of apartments and urban areas.
This year it has projected a turnover of VND606 billion ($37.9 million) and profits of VND262 billion ($16.4 million).
The builder earned its revenue of VND351.5 billion ($22 million) last year and more than VND142 billion ($8.9 million) in net profits. The company paid shareholders a dividend of 20 per cent last year.
It has planned to branch out into tourism and insurance services from the core business of construction and to set up new arms to manage its expanded projects nationwide this year.
Projects under construction
Sudico has invested nearly VND1.6 trillion in several mammoth projects in mainly the Northern provinces.
Top of the list is Tien Xuan - Hoa Binh Urban Zone at a total cost of VND1.9 trillion in the Hoa Binh province.
Work kicked off on the project in earlier this year and is expected to complete in 2016.
In the province the company is building Bac Residential Area in the Hoa Binh township, at a cost of VND148 billion investment. Works are set to complete in next March.
The second largest one is the New Urban South An Khanh project at a total capital of VND1.4 trillion in the Ha Tay province, some 30 km from the Hanoi capital.
Construction of the project on a 312 ha site is expected to complete in third quarter 2014. The end of the third quarter this year will see a part of the project coming online.
The 240 sq.m-project is designed to include villa groups and apartment buildings for sales.
The Song Da – Ngoc Vung Ecotourism Zone is under construction in the island Van Don district, Quang Ninh Province.
The 39ha-ecotourism project worth VND248 trillion is set to launch services in August next year.
Its four-star hotel and villa project in the province will come in full service in 2010.
The company is expected to put its VND287 billion-invested My Dinh – Me Tri Urban Area in the capital into full operation in the next two months.
Source: Thanh Nien
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