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Carina apartment investor's shares 'evaporated' more than 170 billion VND 6
In the trading session on March 23 – right after a fire broke out in the early morning of the same day that killed 13 people at the Carina Plaza apartment building, NBB shares of 577 Investment Joint Stock Company fell to the floor at 23,750 VND.
Compared to yesterday’s trading session, each NBB share decreased by 1,750 VND.
The investor of the Carina Plaza project that caught fire in the early morning of March 23, killing 13 people, is Hung Thanh Company – a member unit of 577 Investment Joint Stock Company (Stock code: NBB).
Talking to VnExpress, Mr. Doan Tuong Trieu, Chairman of the Board of Directors of 577, said that this unit and its subsidiaries are coordinating with the authorities to participate in overcoming and resolving the damage as well as clarifying the cause of the fire.
Previously, the 577 Board of Directors said that after more than 9 years of operation, the building had not encountered any unexpected incidents until a fire caused heavy damage.
Company 577 was established in 2005 with an initial charter capital of 10 billion VND and real estate was chosen as a key industry.
Company 577 currently owns 6 projects in Ho Chi Minh City and many projects in other provinces and cities.
Carina Plaza is one of NBB’s first projects consisting of 6 blocks on an area of 1.9 hectares, started in 2008, and handed over at the end of 2011. Advertised by the investor, it meets the criteria for fire prevention and fighting.
NBB considers the implementation of Carina Plaza a success marking the development of the 577 brand with the goal of developing more than 10,000 apartments in Ho Chi Minh City.
From 2009 to 2012, NBB’s business situation was quite favorable with revenue ranging from 342-485 billion VND.
However, during this period, the implementation of a series of other projects of the company such as City Gate Towers, Tan Kien Complex (NBB IV), NBB II, Dimond (NBB1) are not favorable.
From 2013 until now, NBB’s business targets have continuously declined because the company only recorded revenue from the main project Bac Lieu and a small remaining part of the Carina project.
To overcome the difficult period, in 2014, NBB sought to call for investment.
As one of the enterprises with a large land fund in Ho Chi Minh City, Company 577 currently owns a total area of up to 58 hectares and is mainly clean land with low compensation costs.
NBB’s business targets in 2017 improved thanks to the recognition of revenue from the handover of Citygate project apartments in District 8, Ho Chi Minh City.