|Vincom Retail to merge two real estate subsidiaries with the total capital of over $264 million|
Specifically, Northern Vincom Retail LLC (VCRMB) will merge with Ha Thanh Real Estate Development and Investment Co., Ltd. (Ha Thanh).
After the merger, the charter capital of VCRMB is expected to increase to VND6.16 trillion ($267.83 million). VCRMB will inherit all assets, legal rights, and interests, as well as unpaid debts and other obligations of Ha Thanh.
On June 23, VRE will hold its 2021 annual shareholders’ general meeting. According to the published documents, the company’s Board of Directors will present to shareholders a plan for 2021 with net revenue of about VND9 trillion ($391.3 million), after-tax profit of about VND2.5 trillion ($108.7 million), increases of 8 and 5 per cent compared to 2020.
If the plan is approved, VRE will have completed 24.7 per cent of its revenue target for the first quarter and 31.2 per cent of its net after-tax profit target for 2021.
According to its latest financial statement, as of March 31, the company currently owns four subsidiaries. In addition to VCRMB and Ha Thanh, VRE also owns all shares in Vincom Retail Southern Co., Ltd., and holds 97 per cent of Suoi Hoa Urban Development and Investment JSC.
Regarding its first-quarter business results, VRE recorded a consolidated revenue of VND2.2 trillion ($95.65 million), up 32 per cent over the same period in 2020. Income from leasing property contributed VND1.7 trillion ($73.9 million) of this, up 18.2 per cent. Revenue from real estate transfer reached VND452 billion ($19.65 million), up 124.9 per cent, mainly from the handover of three large commercial townhouse projects, namely My Tho, Bac Lieu, and Uong Bi.
VRE stocks closed the June 18 session at VND32,500 ($1.41), down 1 per cent against the previous day.
By Trúc Anh
- Indiabulls Real Estate sells London property to promoters for 200 mn pounds
- Real estate's Net turf war
- AOL gobbles up Win XP real estate
- The rise of online estate agents in the UK
- Retailers must turn to technology to weather the storm in 2018
- Big San Jose apartment complex sells for more than $100 million amid Google effect
- Palm aquires Handspring for $169 Million
- ObEN Raises $10 Million from K11 to Bring Immersive AI Experiences to Retail and Hospitality
- Bamboo.com merges with Interactive Pictures
- AR/MR are about to enter our daily lives in a very real way in 2018
- Purdue Pharma and Sacklers Reach $270 Million Settlement in Opioid Lawsuit
- Apple takes on the retail market
- YieldStreet Raises $113 Million Financing Round to Disrupt Alternative Investing
- Johnson & Johnson Hit With $29 Million Verdict in Case Over Talc and Asbestos
- In-home delivery is coming to every major retailer. Blame August Home CEO Jason Johnson
- Bringg raises $12 million for its delivery logistics platform
- Booming retail industry to drive India's IT spend
- Australian retailers recruiting generals for yesterday's war
- Apple using retail stores to target SMB market
- Ebay eyes Amazon's retail turf
Vincom Retail to merge two real estate subsidiaries capitalised over $264 million have 445 words, post on vir.com.vn at June 21, 2021. This is cached page on Talk Vietnam. If you want remove this page, please contact us.