Vinhomes contributes "huge" capital to real estate company less than 1 week old

Vinhomes Joint Stock Company (stock code: VHM) has just announced unusual information about contributing additional capital to an enterprise.

Specifically, on November 16, the Chairman of the Board of Directors of Vinhomes issued a Decision approving the additional capital contribution to increase the charter capital of SV Holding Real Estate Development Company Limited. Vinhomes' participation in the additional capital contribution led to SV Holding Real Estate Development Company Limited becoming a subsidiary of this unit.

After capital contribution, SV Holding will have a charter capital of 5,248 billion VND, the main business line is real estate trading. The company is headquartered in Vinhomes Riverside Urban Area, Long Bien District, Hanoi City. Vinhomes will contribute additional capital in cash and the capital contribution ratio is 84% of charter capital, equivalent to 4,408.5 billion VND.

Information from the National Portal on Business Establishment shows that SV Holding was established on November 14. Just 3 days later, the company registered to change its business registration certificate.

In addition to Vinhomes, the two shareholders are Ms. Nguyen Thu Phuong, who contributed VND791 billion (15.1% of charter capital), and Ms. Le Thi Giang, who contributed VND48.5 billion (0.9% of charter capital). Ms. Phuong (born in 1987) is currently the General Director and legal representative of this company.

Vinhomes góp vốn khủng vào doanh nghiệp bất động sản chưa đầy 1 tuần tuổi - 1 — Information on SV Holding's shareholder structure (Screenshot).

At the time of establishment, SV Holdings had a charter capital of VND 1,648 billion, of which Vinhomes owned 49.1%, equivalent to VND 808.5 billion.

The 2022 annual report of Vincom Retail Joint Stock Company (stock code: VRE) once provided information about Ms. Nguyen Thu Phuong. Ms. Phuong was appointed as a member of the Board of Supervisors of this enterprise in 2017.

At the time of the report's publication, she was the Director of Products and Debt - Credit, Vinhomes Joint Stock Company and had many years of experience as a Senior Specialist at the Finance Department of Vingroup Corporation.

Vinhomes góp vốn khủng vào doanh nghiệp bất động sản chưa đầy 1 tuần tuổi - 2 — Information about Ms. Nguyen Thu Phuong in Vincom Retail's 2022 annual report (Photo: Vincom Retail).

Previously, Ms. Nguyen Thu Phuong was an Audit Assistant at Nexia ACPA Auditing and Consulting LLC from 2009 to 2010.

She has held various positions in Ernst & Young Vietnam Co., Ltd., including Audit Assistant and Audit Team Leader, from 2010 to 2013. Ms. Phuong holds a Bachelor of Accounting and Finance from the Academy of Finance, Vietnam.

The third quarter financial report shows that as of September 30, Vinhomes has a total of 37 subsidiaries, most of which operate in the fields of investment, construction and real estate trading.

In the third quarter, the total consolidated net revenue of this real estate giant reached VND32,700 billion, a significant increase of 84% compared to the same period in 2022, mainly thanks to the handover of 2,400 low-rise real estate units at the Vinhomes Ocean Park 3 mega project as planned.

In the first 9 months of the year, total consolidated net revenue reached VND94,600 billion. Total converted consolidated net revenue (including revenue from Vinhomes's operations, business cooperation contracts (BCC) and real estate transfers recorded in financial revenue) reached VND108,400 billion, up 118% over the same period, largely thanks to the on-schedule handover of Vinhomes Ocean Park 2 and 3 projects.

Accumulated consolidated profit after tax in the first 9 months of the year reached VND32,400 billion, up 62% over the same period. As of September 30, Vinhomes' total assets and equity reached VND417,000 billion and VND181,000 billion, up 15% and 22% respectively compared to the end of last year.

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