TTC Land will pay dividend of 2017 by shares at rate of 7% in the third quarter of 2018
The Board of Directors of TTC Land has approved a resolution of issuing shares to pay dividends at the rate of 7% under the previous plan of issuing shares to increase the chartered capital.
In April, 2018 the General Meeting of Shareholders of Saigon Thuong Tin Real Estate JSC (HSX: SCR, TTLand) approved the plan of issuing shares to increase chartered capital. Accordingly, the plan of paying dividends by shares to increase the chartered capital will be deployed with shares issued as common stocks with par value of VND 10,000 per share for existing shareholders named in the list. on the last day of closing the list of shareholders.
TTC Land shared that they are currently owning 1,189 treasury stocks and the number of stocks will not receive shares issued to pay dividends. The Board of Directors decides that the ratio is 100: 7, which means 100 shares in equivalent to 100 rights, 100 rights will receive 7 new shares and the right to receive dividends by non-transferable shares.
Charmington Iris - One of the key projects developed by TTC Land
. Therefore, with the outstanding shares of 317,032,605 units, TTC Land expects to issue 22,192,282 shares, in equivalent to VND 222 billion for paying dividend in 2017. The capital for this times issuing will be deducted from the accumulated profit after tax (PAT) not being distributed in the Auditor ‘s financial statement of 2017. The Board of Directors' resolution also stated that the dividend payment period is in the third quarter of 2018. Upon completion, the company's chartered capital will increase from VND 3,170 billion to VND 3,392 billion, equivalent to 7%. This dividend payment represents the completion of TTC Land's commitment to the resolutions approved at the General Meeting of Shareholders.
Paying dividend by shares will be executed in 02 ways: Firstly, with the shareholders holding SCR shares have been deposited, shares dividends will be paid directly into the accounts of the shareholders. Secondly, for SCR shareholders who have not yet been deposited, they can contact SCR's Investor Relations Department for assistance.
In June, 2018 the company completed its capital increase of 30% from VND 2,439 billion to VND 3,170 billion being in line with the commitments made to the General Meeting of Shareholders with the target of expanding its operations, focusing on M & A activities to increase the land fund, which certainly is the key investment of all real estate companies. Additionally, the company has acquired more land fund in the center of District 5, Ho Chi Minh City with total area of 5,077 m2 that is used to deploy constructing high-end apartments and commercial center.
Up to now, TTC Land's total land fund is nearly 1,900 hectares, of which 52% is reserved for Industrial Zone (IZ), 27% is for Civil construction, 11% is for Logistic, 9% is for Resort, 1% is for Commerce and Office; Regarding of location: 57% of the land fund is located in Tay Ninh, 16% in Phu Quoc, 14% in Ho Chi Minh city and 13 % in Long An. In Ho Chi Minh City, TTC Land is mainly investing in the Eastern area including District 9, Thu Duc and Nhon Trach - Dong Nai. With the expectation that Long Thanh Airport will be built within 5 to 10 years later, property values in this area will be also very attractive.
In August 2018, TTC Land completed the roofing of TTC Plaza Binh Thanh at 26 Ung Van Khiem Street, Binh Thanh District. The project is located on an area of 5,570 m2 and has a total floor area of 18,839m2, including 1 basement, 2 commercial blocks and 8 floors for office with total investment of nearly VND 300 billion. TTC Land is in the process of negotiating with partners who have demand for renting space at TTC Plaza Binh Thanh and expects the occupancy rate to reach 80% when the shopping center will be put into operation in early 2019. Charmington Iris project also recorded positive sales results after two openings at the end of the second quarter and middle of the third quarter in 2018 with the sales of nearly 550 apartments. The project is located on an area of 16,645 m2 with the construction floor area of 155,785 m2 including 1,462 high-end apartments with total investment of nearly VND 3,500 billion.
Also in August, TTC implemented a plan to build a complex area in the Da Nang city center including services and commercial apartments, offices and hotels with a total floor area of over 120,000 m2 and a total investment of more than VND 2,000 billion. The project is expected to be completed in 2021. This is TTC Land’s first project in Da Nang, however, TTC's management still focus on the main market of residential and commercial real estate located in area of 30 to 40 km from Ho Chi Minh City. "For other areas, the policy of TTC Land is very good position and having partners with profitable investment.
Besides, TTC Land is continuing to hand over apartments on schedule and recording the revenue and profit of five projects including: Charmington La Pointe (High-end Complex, District 10), Jamona Home Resort (High-end Villa, Jamona City (High-end Complex, District 7), Jamona Golden Silk (High-end Villa, District 7) and Carillon 5 (Middle-end Apartments, Tan Phu District). By the end of September 2015, TTC Land plans to open the Sky Villas project (District 7). The project consists of 210 high-end apartments with a minimum area of 110 m2 for each. Total investment of the project is VND 1.223 billion.
