Through its VIAC Limited Partnership fund, the Oman National Investment Council has become a major shareholder in Văn Phú – Invest, holding a 9.3% stake in the company. VIAC Limited Partnership is affiliated with the Vietnam-Oman Investment Fund (VOI), and on November 1, it announced the acquisition of over 29.65 million shares of Văn Phú – Invest (VPI).
The Oman Investment Council is a joint venture between the Oman Investment Authority (OIA) and the State Capital Investment Corporation (SCIC) of Vietnam.
The shares represent 9.3% of VPI’s outstanding shares, making VIAC an official major shareholder of Văn Phú – Invest.
VIAC first invested in Văn Phú – Invest in 2021, purchasing 690,000 convertible bonds issued by the real estate company without warrants, totaling VND 690 billion (approximately $27.2 million). These bonds have a three-year term and are secured by over 27 million ordinary shares of VPI held by a third party.
According to the agreement, VIAC will convert its entire bond holdings into VPI shares upon bond maturity, at a conversion price of VND 35,000 per share, with corresponding adjustment terms specified in the bond purchase agreement.
Using the raised funds, Văn Phú – Invest has invested in several real estate projects, including the Phong Phú Riverside project (investment of VND 453 billion) and the BT Saigon project (VND 100 billion). The remaining funds will supplement the company’s business operations.
As of the end of July, Văn Phú – Invest reached an agreement with VIAC to convert bonds into shares at an adjusted price of VND 23,271 per share, equivalent to 29.65 million shares.
On Tuesday, VPI’s stock last traded at VND 58,000 per share, down 0.51% from the previous day, meaning VIAC’s conversion price is about 60% below the current market price.
Since the beginning of this year, VPI’s stock price has risen by over 28%.
In the third quarter, Văn Phú – Invest achieved net revenue of VND 855 billion and after-tax profit of VND 110 billion, 3 and 3.4 times the figures from the same period last year, mainly due to revenue from real estate sales of The Terra project in Bac Giang Province.
As of the end of the first nine months of this year, the company achieved an after-tax profit of VND 206 billion, fulfilling 59% of the annual target.
