TTC Land (SCR) expands its land bank with the purchase of 20% capital of Phuoc Tan Company
Saigon Thuong Tin Real Estate (TTC Land; HOSE: SCR) has just issued a Resolution approving the transfer of 14 million shares (20% charter capital) of Phuoc Tan Construction and Trading Joint Stock Company.
Expanding land fund, TTC Land (SCR) wants to buy 20% of Phuoc Tan Construction and Trading capital
The maximum transfer value is 330 billion VND. The signing of the contents and issues related to the transfer is authorized to the Vice Chairman of the Board of Directors of the company.
The approval of the policy of holding 20% capital of Phuoc Tan Construction and Trading Joint Stock Company has concretized the M&A strategy to develop TTC Land's land fund.
At the 2021 Annual General Meeting of Shareholders, TTC Land's leaders said: "We are developing land bank in Dong Nai, Long An... Because TTC Land understands the emerging resort real estate market in Phu Quoc, therefore will develop the land bank in this area. Instead of before, the company only concentrated on land fund in Ho Chi Minh City, but now there is not much left. If nothing changes, according to the 5-year strategy TTC Land will M&A the company owns 300 hectares in Phu Quoc, which is under TTC Group", the company representative added.
According to the leader of SCR,
In addition to existing projects, the Company will continue to look for projects in satellite urban areas near Ho Chi Minh City such as Dong Nai and Long An, where there is strong infrastructure investment. The company will prioritize clean land fund, clear legality, fast implementation time for mergers and acquisitions
Previously, at the end of October 2021, Thanh Thanh Cong Industrial Real Estate Corporation, a member of TTC Land also successfully auctioned 5 land lots with a total area of 293,749m2 owned by Sacombank in Song Than Tri Industrial Park. The price is nearly 2,000 billion VND, increasing the warehouse land for lease to more than 500,000m2. These land lots belong to Song Than Industrial Park with a scale of 178 hectares, Binh Duong province, which is a very favorable location in the area.
In the market, along with real estate stocks, TTC Land's SCR also rebounded strongly in the past 2 months and has doubled since the beginning of 2021, currently trading at over 19,000 VND/share.
In the first 9 months of this year, the company's consolidated net revenue reached VND 1,574 billion, up 4.5 times over the same period, nearly 5% surpassing the whole year plan of VND 1,502 billion. Deducting expenses, profit before tax reached nearly 233 billion dong, up nearly 3 times over the same period and also exceeded the whole year plan.
The reason for the sharp increase in revenue and profit of 9 million is that the company continues to record and hand over the remaining 189 apartments of the Carillon 7 project as well as pay for assets that are not in line with the development orientation of the company. company.
As of September 30, 2021, total assets of SCR reached VND 10,464 billion. Equity reached 5,031 billion VND. Total loan balance at the end of Q3 was VND 2,136 billion, a decrease of VND 650 billion compared to the beginning of the year.
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