Phat Dat Real Estate Development Joint Stock Company (PDR) recently announced the sale of its entire stake in its subsidiary, Thien Long Investment Real Estate Development Joint Stock Company, valued at over 1.408 trillion VND. The Board of Directors approved the subsidiary, Binh Duong High-Rise Investment Real Estate Company, to carry out two transactions related to Thien Long. Chairman Nguyen Van Dat was authorized to find partners and sign contracts. Binh Duong High-Rise will purchase over 18.961 million new shares of Thien Long worth 189.614 billion VND, then transfer all of its shares in Thien Long to investors. Thien Long is known for the Thuận An 1 multi-functional high-rise housing project. Last month, PDR also approved a partial stake sale in another subsidiary. Dat recently sold 88 million PDR shares, earning over 2.1 trillion VND, causing PDR shares to drop by 5.1%, currently priced at 21,300 VND/share.
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