Dat Phuong (DPG) Holds 301B VND from Share Sale Pending Binh Duong Project

Overview

Dat Phuong Group (DPG) reported that over 301 billion VND from its recent share offering remains undisbursed, pending legal approvals for the Binh Duong resort complex project. The company disclosed this in a filing to the State Securities Commission, detailing the use of proceeds from its February 2026 private placement. The delay stems from ongoing administrative procedures related to the project’s investment policy adjustment.

Key Facts

• Dat Phuong successfully issued nearly 17.8 million shares at an average price of 36,000 VND per share, raising approximately 640.4 billion VND.
• Net proceeds after costs totaled over 634.2 billion VND.
• Planned allocations: 115.3 billion VND for the Dat Phuong Super White Patterned Glass Factory, 217.7 billion VND for working capital and construction equipment, and 307.4 billion VND for the Binh Duong resort complex.
• As of August 13, 2026, the glass factory and working capital portions have been fully disbursed.
• Over 301.3 billion VND for the Binh Duong project remains undisbursed.
• The project covers 199 hectares (expected to be adjusted to 178.1 hectares) in Binh Duong commune, Thang Binh district, Quang Nam province (now Thang An, Da Nang City).
• The company is awaiting approval from the Da Nang People’s Committee for the investment policy adjustment.

What Happened

In a report filed with the State Securities Commission (SSC) on February 24, 2026, Dat Phuong Group provided an update on the use of proceeds from its private placement. The offering, which concluded on February 11, 2026, raised nearly 640.4 billion VND from the sale of 17.8 million shares. After deducting costs, the company retained over 634.2 billion VND.

The company had planned to allocate these funds across three areas: the glass factory project, working capital and equipment, and the Binh Duong resort complex. As of August 13, 2026, the first two allocations have been fully disbursed. However, the remaining 301.3 billion VND for the Binh Duong project is still held, as the company awaits regulatory approval for the project’s investment policy adjustment.

Dat Phuong stated that it is in discussions with authorities to adjust the project’s investment policy. Following the merger of Quang Nam province and Da Nang City, the Da Nang People’s Committee is reviewing the adjustment request. The funds will be used once the committee approves the revised plan.

Market Context

DPG shares closed at 30,600 VND on August 13, 2026, on the HOSE exchange. The stock has been under pressure amid broader market volatility and sector-specific concerns. The construction and real estate sectors have faced headwinds from regulatory delays and liquidity constraints. The undisbursed funds represent a significant portion of the company’s planned capital expenditure, and the delay could affect investor sentiment.

Strategic Significance

The Binh Duong resort complex is a key growth project for Dat Phuong, with a planned scale of nearly 200 hectares. The delay in disbursement highlights the regulatory risks inherent in large-scale real estate developments in Vietnam, particularly in areas undergoing administrative restructuring. For long-term investors, the successful completion of the legal process would unlock substantial capital for the project, potentially boosting the company’s revenue and asset base. Conversely, prolonged delays could strain the company’s balance sheet and delay expected returns.

What to Watch

• Approval of the investment policy adjustment by the Da Nang People’s Committee.
• Subsequent disbursement updates from Dat Phuong in quarterly reports.
• Any changes to the project’s scale or timeline as a result of the adjustment.
• The company’s ability to secure additional financing if the delay persists.
• Market reaction to the next earnings release, which may reflect the impact of the delayed project.