Koterasu reached an agreement to invest USD10 million in An Gia (AGG)Tuesday, September 26,2023
AsemconnectVietnam - An Gia Real Estate Investment and Development Joint Stock Company (An Gia) announced that it has signed a Memorandum of Understanding (MoU) with Koterasu Partners Pte. Ltd. (Koterasu).
According to the agreement, Koterasu will buy secondary shares of An Gia (MCK: AGG) with a total value of VND235 billion through negotiated transactions or direct order matching on the stock exchange.
This investment demonstrates the confidence of Koterasu and the Japanese investor group in An Gia's development capacity and credibility after many successful collaborative projects in the past. Continuing to become a strategic shareholder of AGG will open up opportunities for Koterasu to choose to directly contribute capital to An Gia's The Gio project in Binh Duong, expected to open for sale in 2024.
Sharing about cooperation, Mr. Nguyen Ba Sang, Chairman of the Board of Directors of An Gia Real Estate Investment and Development Joint Stock Company said: "With the recovery of the real estate market along with drastic support policies from the Government, Government, An Gia is planning to continue expanding its land fund and developing new projects. Receiving investment capital from Koterasu is extremely important for An Gia in supplementing financial resources to serve M&A plans in the near future."
Mr. Yamaguchi - Representative of Koterasu said: "An Gia is one of the few real estate developers that takes the customer's perspective, always has a sincere attitude and aims to provide high quality housing products. We have confidence in An Gia to continue contributing to society as well as Vietnamese consumers."
Regarding An Gia, the business is expected to earn VND1,000 billion in the last 6 months of 2023. Cash flow is mainly recorded from the handover of sold apartments of the Westgate project and the plan to successfully sell the products. The remaining belongs to The Standard project.
This is a timely source of additional capital for businesses to continue implementing their land fund M&A strategy in Ho Chi Minh City and satellite cities.
Combined with the support from international capital of partner Koterasu in An Gia's project companies, the business is confident of having enough financial capacity to launch affordable apartment products to meet the needs of the market. The needs of the middle class are increasing in Vietnam. With a vision of 2023 - 2025, An Gia plans to launch 9,000 apartment products on the market from 3 The Gio projects (3 hectares) in Binh Duong, BC27 project (27 hectares) and BC3.2 (3.2 hectares) ) in Binh Chanh.
Hoang Anh Gia Lai (HAG) recorded VND660 billion net revenue in August, up 47%
VIB leads the banking industry in the Top 50 Most Effective Business Companies in Vietnam 2023
VPBank (VPB) plans to issue more than 30 million ESOP shares, priced at VND10,000/share in Q3/2023
Loc Troi Group Joint Stock Company (LTG) dissolved a subsidiary
APG Securities divested all capital at Angimex
FPT reported VND6,000 billion pre-tax profit in the first 8 months of 2023
CEN Invest lost more than VND30 billion in the first 6 months of 2023
MST Investment (MST): Business activities expected to return to growth in Q3/2023
Hoa Phat Construction Steel (HPG) reached 306,000 tons in August, the highest since the beginning of the year
PV Power (POW) estimates revenue to reach VND1,796 billion, down 22% in August
TNG's August sales revenue reached VND721 billion, up 3%
In the first 8 months of 2023, Viglacera (VGC) estimates VND1,463 billion profit and exceeds the yearly plan by 21%
Thien Long's profit (TLG) decreased by 22% over the same period tn the first 7 months of 2023
COMA 18 (CIG) reduced profits by more than 60% after audit