HCMC– Quoc Cuong Gia Lai JSC (HOSE: QCG) has approved a plan to mobilize funds to repay nearly VND2.9 trillion owed to Truong My Lan, former chairwoman of Van Thinh Phat Holdings Group Corporation.
The move enables the company to regain the North Phuoc Kien residential development project in HCMC. The company said it completed a written shareholder vote on the plan. It issued more than 4,400 ballots and received 32 responses, representing nearly 170 million shares, or over 61.7% of voting shares.
All responses supported two measures, with one divesting stakes in subsidiaries and affiliated companies, and the other cooperating with financially capable partners to invest in real estate projects and products.
Under the plan, QCG will transfer stakes in selected units. Its board of directors pledged that transfer prices would not be lower than the original investment value and said independent valuation firms would be hired to determine fair prices.
The company also plans to seek strategic cooperation with partners, including related parties.
A court ruling requires QCG to repay nearly VND2.89 trillion to Truong My Lan to regain the North Phuoc Kien project. The company said it has so far repaid about VND1.1 trillion. The funds came from advance payments related to hydropower asset transfers and personal loans.
Closing the trading session today, December 18, QCG advanced 4.29% to VND17,000, with over 7.6 million shares changing hands.
Vietnam’s benchmark VN-Index edged higher on Thursday, supported by gains in banking shares, while trading value declined from the previous session.
The VN-Index rose 3.32 points, or 0.2%, to 1,676.98 points. The market saw 141 gainers and 150 losers. Total trading volume reached more than 663 million shares worth VND17.76 trillion. Volume increased 8.3% from the previous session, while trading value fell 9%. Block deals accounted for 187.5 million shares valued at VND5.13 trillion.
Some large-cap stocks weighed on the market. DGC remained at its floor price, with nearly 22 million shares queued for sale. BCM fell 2.5%, while FPT declined 1.6%.
VJC eased from its intraday high but ended the session up 4.8%. The stock contributed more than 1.3 points to the VN-Index.
Most bank stocks in the VN30 basket advanced. HDB rose 3.4% to VND25,600, with trading volume of nearly 27.2 million shares.
Mid- and small-cap stocks showed strong momentum. YEG traded more than 5.5 million shares and closed with nearly 1.2 million shares left at the ceiling price. HID, HII, TDW and TMT also closed at their daily upper limits.
Banking stocks were among the biggest drivers of the index. Five bank shares featured in the top 10 contributors, adding a combined 3.4 points to the main index.
Trading in bank shares was active. SHB gained 2.5% on volume of about 72.3 million shares. MBB rose 1% on nearly 13 million shares. TCB added 1.2% on 9.1 million shares, while VPB gained 1.1% on around eight million shares traded.
On the Hanoi Stock Exchange, the HNX-Index moved sideways with a 0.04% increase, ending at 253.23 points. The exchange recorded 50 gainers and 72 decliners, with trading volume of 47.5 million shares worth VND939 billion.
