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FLC plans to list on foreign stock markets

Released at: 16:22, 12/06/2017

FLC plans to list on foreign stock markets

Photo: FLC Group

Group Chairman tells Roadshow and Seminar in Singapore it is still looking to list in the country.

by Ngoc Lan

The FLC Group is planning to list its shares on foreign stock markets as part of its development strategy.

Mr. Trinh Van Quyet, Chairman of the FLC Group, told the FLC Group Roadshow and Seminar in Singapore on June 10 that it is continuing with plans to list its shares on the Singapore Stock Exchange.

FLC sought consultancy from a Singaporean auditing company three years ago but had difficulty listing, as did Vinamilk, due to the different regulations on investment and securities between the two countries, according to Mr. Quyet.

“The recent memorandum of understanding for listing between the NASDAQ stock market and Vietnam’s VNG Corp. will open the way for other Vietnamese companies to list shares in New York and Singapore as well,” he said. “Financial and securities regulators in Vietnam will soon have to remove obstacles in order to help Vietnamese firms list abroad.”

Ambassador of Vietnam in Singapore, H.E. Nguyen Tien Minh, told the event that Singapore is one of the largest investors in Vietnam, above the US and China. “This is a good move by FLC in promoting investment opportunities in Singapore,” he added.

Since 1998, investment from Singapore into Vietnam has been increasing steadily, with the country being the third-largest foreign investor with 1,800 projects and total capital of approximately $39 billion, of which $10.8 billion has been poured into real estate.

At its annual general meeting (AGM) on April 24 in Hanoi, FLC Group shareholders approved a plan targeting pre-tax profit of VND1.23 trillion ($54.2 million) this year on revenue of VND13 trillion ($572.7 million).

The FLC Group had a successful 2016, with revenue from its real estate business reaching VND5.87 trillion ($258.6 million).

It will complete its project on Ngoc Vung Island in northern Quang Ninh province on an area of 1,700 ha and with investment of $2.1 billion within the next five years. This is a special project, as it incorporates a casino open to both Vietnamese and foreign gamblers.

FLC will also develop a so-called golf market project that includes ten 18-hole golf courses in central Quang Binh province, home to the world-famous Son Doong Cave. The project will cover an area of 1,900 ha and include 2,000 hotel rooms.

It has also announced the establishment of a subsidiary in the aviation sector, called Bamboo Airlines.

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