Saturday, June 15,2024 - 1:48 GMT+7  Việt Nam EngLish 

Ho Chi Minh City Infrastructure Investment JSC (CII) transferred the investment cooperation part of the project in Quang Ngai to its subsidiary 

 Wednesday, April 3,2024

AsemconnectVietnam - After wanting to increase its ownership to oversold at Nam Bay Bay Investment Joint Stock Company (code NBB - HOSE floor), Ho Chi Minh City Infrastructure Investment Joint Stock Company (CII code - HOSE floor) wants to transfer its investment capital contribution to the project for the subsidiary.

Nam Bay Bay has just approved the approval for Thu Thiem North Zone One Member Limited Liability Company to receive the transfer of the investment cooperation contract from City Technical Infrastructure Investment Joint Stock Company. HCM under the investment cooperation contract dated October 16, 2020.
It is known that on October 16, 2020, CII signed a cooperation contract with Nam Bay Bay on investment cooperation to build the Son Tinh Residential Area project - Quang Ngai. In particular, CII is divided profits at the rate of 13%/year calculated on the actual amount contributed to the project.
According to research, the Son Tinh Residential Area project - Quang Ngai has an area of 102.7 hectares, with a total investment of VND1,752 billion.
Regarding ownership, as of December 31, 2023, CII directly owns 37.52% of charter capital and is accounted for as investment in affiliated companies in Nam Bay Bay; owns 100% capital in Northern Thu Thiem One Member Company Limited.
A notable development, previously, on March 4, CII approved increasing its ownership to a maximum of 79.8% of capital at Nam Bay Bay Investment Joint Stock Company.
CII said that based on evaluating the opportunities and risks when investing in Nam Bay Bay Company, the Company decided to increase its ownership to a maximum of 79.8% of capital in Nam Bay Bay Company.
It is known that according to the Land Law 2024 (amended) passed by the National Assembly on January 18, 2024, for businesses that own residential land and other land, there is an opportunity for investors to have their investment policy approved. Construction of commercial housing projects will be more convenient.
In particular, two projects, Nam Bay Bay 2 and Nam Bay Bay 3 of Nam Bay Bay Company, have a portion of residential land and other land, so there are many opportunities to get approval for investment policies for commercial housing projects according to the provisions of the Land Law 2024.
In addition, the De Lagi project of Nam Bay Bay Company has also been approved by the People's Committee of La Gi town with a 1/500 planning according to Decision No.79/QD-UBND dated February 6, 2024.
Source: VITIC/Tinnhanhchungkhoan


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