Song Da Urban Investment plans capital raise for 2025 growth

Song Da Urban Investment Construction and Development Joint Stock Company announced a rescheduled Annual General Meeting of Shareholders for September 8, 2025, to approve its 2025 business plan and a significant capital increase. The company aims to raise 100,000,000,000 VND through an offering of 10,000,000 common shares at 15,000 VND per share to existing shareholders. This capital injection is crucial to meet a projected equity capital requirement of 465,329,150,000 VND by 2026, against an audited equity of 356,842,381,422 VND as of December 31, 2024, to fund new real estate projects and address outstanding tax and debt obligations.

The company's 2024 performance saw total assets at 1,190,854,327,621 VND, net revenue of 64,896,282,321 VND, and a pre-tax profit of 5,561,790,650 VND, resulting in an after-tax profit of 1,216,771,691 VND. An auditor's qualified opinion highlighted concerns regarding unverified inventory of undelivered apartments and unquantified retroactive adjustments for late payment penalties.

The planned capital increase will support key projects like the Green Diamond Independent Housing Project and the Song Da - Hoa Binh New Urban Area Project. The Board of Directors has been authorized to oversee the share issuance, with an expected implementation period from Q3/2025 to Q3/2026.