Perspective of Cat Ba Amatina project - Photo: Vinaconex ITC website
Vinaconex Joint Stock Corporation (VCG) has just announced its decision to transfer all of its capital contributions at Vinaconex Tourism Investment and Development Joint Stock Company (Vinaconex ITC).
The number of shares transferred is 107.1 million units (equivalent to 51%). The minimum selling price offered by VCG is VND 48,000/share.
The form of capital sale will be direct negotiation with interested investors. It is estimated that with the minimum price, Vinaconex will collect more than 5,140 billion VND.
VCG's Board of Directors has also authorized the General Director to carry out the necessary procedures to complete the transaction according to the approved plan, ensuring compliance with legal regulations and the company's charter.
Vinaconex ITC was established in 2008 with the goal of investing and developing the Cat Ba Amatina urban tourism project in Hai Phong .
Cat Ba Amatina project has a scale of 176 hectares, located in Cai Gia Bay, Cat Ba Island. The project planning includes about 1,300 single, twin and adjacent villas; mixed-use high-rise buildings; serviced apartment buildings; resort villas and hotels.
On the stock market, Vinaconex ITC's VCR shares are currently trading at around VND45,000/unit, about 7% lower than the minimum selling price of VND48,000/share that Vinaconex plans to transfer.
Vinaconex ITC currently has a charter capital of VND 2,100 billion, in which Vinaconex is the only major shareholder.
Last year, Mr. Dao Ngoc Thanh resigned as Chairman of the Board of Directors of Vinaconex ITC and was replaced by Mr. Duong Van Mau.
Notably, Vinaconex ITC has had poor business performance in recent years in the context of Cat Ba Amatina not being completed.
The financial report for the first quarter of 2025 shows that Vinaconex ITC did not record any sales revenue, and the profit after tax was negative by more than 5.5 billion VND. Accumulated loss at the end of March this year was 545 billion VND.
Data: Audited financial statements
Previously, in 2024, the investor of the Cat Ba Amatina project reported a loss after tax of nearly 22 billion VND, while in 2023 the loss was up to 286 billion VND.
Regarding financial health, as of the end of the first quarter of 2025, Vinaconex ITC's total short-term debt was VND 2,065 billion, while short-term assets were less than VND 300 billion.
However, total assets amounted to VND5,260 billion. Most of it was in long-term unfinished assets, equivalent to VND4,920 billion (all of which were unfinished construction costs related to the Cat Ba Amatina project).
Source: https://tuoitre.vn/vinaconex-muon-ban-sach-von-doanh-nghiep-nam-du-an-cat-ba-amatina-du-thu-5-140-ti-dong-20250701130031809.htm
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