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FLC Chairman now richest man on stock market

Released at: 11:00, 15/11/2016

FLC Chairman now richest man on stock market

Photo: FLC

With FLC and ROS shares on the rise, Mr. Trinh Van Quyet took over from Mr. Pham Nhat Vuong as the richest man on Vietnam's stock market on November 14.

by Nghi Do

Chairman of the FLC Group, Mr. Trinh Van Quyet, overtook Vingroup Chairman Pham Nhat Vuong as the richest man on Vietnam’s stock market on November 14.

The share price of the Faros Construction Corporation (ROS) closed at VND116,200 ($5.2) on November 14, up VND7,500 ($0.36), while shares in the FLC Group (FLC) reached VND7,010 ($0.3), up VND10 on the Ho Chi Minh City Stock Exchange (HoSE).

With 279.559 million shares in ROS and 108.86 million in FLC, Mr. Quyet’s holdings now stand at VND33.25 trillion ($1.49 billion), up VND2.1 trillion ($96 million). In contrast, shares in Vingroup (VIC) fell VND1,100 to close at VND42,900, pushing Mr. Vuong’s holdings down VND1.16 trillion ($52 million) to VND30.7 trillion ($1.37 billion).

Mr. Quyet is already Vietnam’s second dollar billionaire and is now the richest man on its stock market; a position Mr. Vuong has occupied for a long period of time.

The FLC Group and Faros have become major players in Vietnam’s real estate and construction sectors. The total value of their real estate projects nationwide, including the VND5.5 trillion ($246.6 million) FLC Samson Beach & Golf Resort in Thanh Hoa, the VND7.5 trillion ($337.7 million) FLC Quynhon Beach & Golf Resort in Binh Dinh, and the FLC Vinh Phuc Resort (Phase I) in Vinh Phuc is estimated by real estate consultants Savills at more than $3 billion.

The financial statements of the FLC Group and Faros show little short term debt, at VND4.3 trillion ($193 million) in total, equal to just 7 per cent of total project value. The FLC Group set a profit target for 2016 of VND1.2 trillion ($56.7 million) and reached it two months ahead of schedule, according to CEO Huong Tran Kieu Dung.

Mr. Quyet was born in 1975 in northern Vinh Phuc province. He started out in legal and investment consulting services before entering into trading and real estate. He has a major influence in Vietnam as the owner of a large portfolio of large resorts and golf courses. Internationally, he was recognized as one of the most influential people in real estate in Asia in 2016.

Most of his holdings in public companies are in the FLC Group and Faros.

Mr. Tran Dac Sinh, former Chairman of HoSE, said he supports the investment philosophy of the FLC Group and Mr. Quyet. “When I first visited FLC Samson Beach & Golf Resort and FLC Quynhon Beach & Golf Resort, both were just wilderness,” he said. “Now they are massive and majestic projects. FLC focuses on sustainable investment that is environmentally friendly, creating jobs for thousands of workers and beautifying landscapes. This is such a positive strategy.”

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