Phat Dat swaps $300 million debt for shares

Phat Dat Real Estate Development Corporation (PDR) has just announced unusual information to the Ho Chi Minh City Stock Exchange, regarding the results of issuing shares to convert a debt of 300 million USD.

Accordingly, the document signed by Mr. Nguyen Van Dat, Chairman of the Board of Directors, announced that PDR plans to issue an additional 34.095 million shares to convert a debt of 300 million USD to a foreign partner, ACA Vietnam Real Estate III LP, with a corresponding value of 681.90 billion VND determined at the exchange rate on March 11, 2022, which is 22,739 VND/USD. The conversion ratio is calculated as 1:20 (1 converted share costs 20,000 VND of debt).

Phat Dat related project has been revoked by Ho Chi Minh City

It is known that the number of shares converted to this debt will be restricted from transfer within 1 year from the date of issuance (expected April 16). The expected time of transferring shares is May 2025.

Phat Dat currently has a charter capital of VND 8,731 billion. It is expected that after converting this debt, the charter capital will increase to VND 9,072 billion.

On the stock exchange on April 21, PDR stock price decreased from the beginning of the session but closed at the reference price of VND16,400 - down nearly 25% compared to 1 month ago.

Recently, the stock market plummeted, along with several other company leaders, Mr. Nguyen Van Dat was informed by the securities company that he would sell off more than 2.2 million shares owned by PDR from April 10.

Source: https://nld.com.vn/phat-dat-hoan-doi-khoan-no-300-trieu-usd-bang-co-phieu-19625042119532718.htm