Phat Dat Real Estate Development Joint Stock Company (stock code: PDR) approved the policy of lending capital to 2 subsidiaries at Military Commercial Joint Stock Bank (MB) - Saigon branch. The total maximum loan limit is 3,200 billion VND.
The two subsidiaries are Thien Long Real Estate Investment and Building Development Joint Stock Company and Hoa Phu Real Estate Investment and Building Development Joint Stock Company. The loan is to finance the costs of implementing two high-rise complex housing projects Thuan An 1 and 2 in Thuan Giao Ward, Thuan An City, Binh Duong Province, invested by Thien Long and Hoa Phu companies.
The credit limit of VND3,200 billion is expected to be used to offset costs of receiving land use rights transfer; pay costs of converting land use purposes; and pay construction investment costs.
At the same time, the lending bank will guarantee a maximum of nearly VND 2,200 billion for deposit obligations to implement the project and in the sale and lease-purchase of future housing.
The loan's collateral includes all of Phat Dat's shares in the two subsidiaries, land use rights of the two projects, and assets of third parties.
Perspective of Thuan An 1 project (Photo: PDR).
This year, Phat Dat has focused on restructuring its investment portfolio, focusing on projects in potential markets. In particular, Thuan An 1 and 2 High-rise Complex is a key project with a total investment of more than VND 10,800 billion, expected to be introduced to the market in the first quarter of 2024.
In particular, Thuan An 1 high-rise complex has an area of about 1.8 hectares and Thuan An 2 has an area of more than 2.6 hectares, both have had their detailed planning 1/500 approved. The total product is expected to supply the market with about 6,000 apartments.
In 9 months, Phat Dat has arranged and paid off 1,075 billion VND of financial debt, mainly short-term debt. As of September 30, the total financial debt was 3,365 billion VND. The debt/equity ratio was 0.39 times.
Undistributed profit after tax as of September 30 was VND 1,150 billion.
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