FLC Group is a Vietnamese conglomerate that operates in a wide range of industries, together with actual property, aviation, hospitality, and agriculture. It was based in 2007 and is headquartered in Hanoi, Vietnam. FLC Group has gained a fame for its high-quality initiatives, significantly in the true property trade the place it has developed a lot of luxurious resorts and residential communities. Moreover, FLC Group is increasing its presence within the aviation trade by the operation of FLC Airways and the development of a brand new worldwide airport in Quang Ninh province.
Conglomerate FLC plans to restructure after almost a 12 months of chaos by specializing in property improvement and resort operations and promoting an unspecified stake in Bamboo Airways.
Tran Thi Huong, deputy standing CEO of the corporate, mentioned at a unprecedented basic assembly final week that the corporate would additionally search to get its loans restructured to make sure it has working funds.
This was the primary shareholders’ assembly the corporate has been capable of convene since March final 12 months when then chairman Trinh Van Quyet was arrested for inventory manipulation.
Bamboo Airways, a mission Quyet had spent a number of power on, will now not be a precedence and be offered partly or absolutely, however the administration has but to reveal any details about it.
The corporate has invested VND4.02 trillion ($169.55 million) within the airline and made the same provision for a possible loss because it has but to interrupt even.
Chairman Le Ba Nguyen mentioned final 12 months that FLC’s energy has at all times been property, resorts and golf programs, and different investments haven’t been worthwhile.
So it might promote its subsidiaries and stakes in different firms to traders, a lot of whom have expressed curiosity, and deal with its core companies, he added.
Huong mentioned lossmaking property initiatives can be offered, and housing initiatives underneath improvement can be accomplished and handed over to clients. She mentioned the corporate has 200 properties of assorted varieties throughout Vietnam.
They embody 4 resorts in Quy Nhon, Thanh Hoa, Quang Ninh, and Vinh Phuc.
“We are going to deal with growing occupancy charges at these resorts because the journey season approaches.”
Its newest outcomes, on the finish of the third quarter final 12 months, confirmed losses of VND1.9 trillion for the 12 months.
It has but to launch final quarter outcomes or audited outcomes for the total 12 months.
It has claimed discovering an auditor has been troublesome.
Within the occasion, FLC has been delisted from the Ho Chi Minh Inventory Alternate, and is simply traded on the Unlisted Public Firm Market.
Total, FLC Group is a well-established and revered firm in Vietnam, identified for its profitable and various enterprise operations.
