Investor of Saigon Marina IFC 'golden land' tower reports additional loss of thousands of billions

In the first half of this year, Capitaland Tower Company Limited - the investor of the Saigon Marina IFC tower - lost more than VND2,730 billion, many times higher than the loss in the same period last year.

Saigon Marina IFC Tower - Photo: HDB

According to the financial report, Capitaland Tower Company Limited - the investor of the Saigon Marina IFC tower project - recorded a loss after tax of nearly VND 2,733 billion in the first 6 months of 2025.

This loss increased many times compared to the same period last year, when in the first half of 2024 the company only had a negative 38.2 billion VND.

Previously, Capitaland Tower also had negative business results, with a negative VND755 million in 2022 and a negative VND2,682 billion in 2023.

Due to continuous losses, by the end of June 2025, Capitaland Tower's equity was negative VND 7,046 billion. However, the company's total liabilities recorded a downward trend, from VND 22,065 billion at the end of June 2024 to VND 14,514 billion after one year.

Capitaland Tower LLC is the investor of the Saigon Marina IFC project, a 55-storey tower located on the "golden land" of Ba Son, which was inaugurated in August this year.

Right before the inauguration, CapitaLand Tower also had a big change in shareholder structure when the charter capital was increased 10 times, from 2,020 billion VND to 22,520 billion VND.

According to data from the Ho Chi Minh City Business Registration Office, along with the "huge" capital increase, Capitaland Tower welcomed a new shareholder, Ms. Le Thi Huyen Linh. This new character holds up to 91% of shares, equivalent to a capital contribution of more than VND 20,500 billion.

Meanwhile, previous shareholders simultaneously reduced their ownership ratio. For example, shareholder Luong Phan Son reduced from 95% to only 8.5%, while Mr. Nguyen Manh Kien and Mr. Nguyen Tan Hung each held 0.2%.

According to the investigation, Mr. Son currently holds the position of Chairman of the Board of Members and legal representative of Capitaland Tower. Although the ownership ratio has decreased after the capital adjustment and shareholder structure change, Mr. Son continues to hold the highest position in the Board of Members.

Meanwhile, the position of General Director and legal representative has changed, transferred from Mr. Ngo Nhu Vuong (born in 1983) to Mr. Nguyen Diep Anh (born in 1982).

BINH KHANH

Source: https://tuoitre.vn/chu-dau-tu-toa-thap-dat-vang-saigon-marina-ifc-bao-lo-them-nghin-ti-2025092417593329.htm