The fourth dollar billionaire of Vietnam, Tran Ba Duong, will become the developer of a huge real estate project in Myanmar instead of Doan Nguyen Duc, chair of Hoang Anh Gia Lai Group, who is now focusing on agricultural production.
The resolution of the Board of Management of Hoang Anh Gia Lai Group (HAG) released recently shows the decision to transfer 196 million shares, which account for 47.9 percent of charter capital of Hoang Anh Housing Development and Construction JSC, or HAGL Land (HAN) to Dai Quang Minh Real Estate.
Hoang Anh Myanmar complex
|Hoang Anh Gia Lai has completed the transfer of all the remaining shares in the real estate development division as he had planned, even though real estate brought him great success in the past.|
Prior to that, when releasing the 2018 annual report, Duc stated he would completely withdraw from the real estate sector this year. This is part of his strategy on selling assets to improve the liquidity of Duc’s company.
Hoang Anh Gia Lai Agricultural JSC announced the resolution of its Board of Directors to transfer its entire 99.875 per cent in Dong Penh Co., Ltd. to THADI Agriculture Farming Processing & Distribution JSC.
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