Dreary market forcing local firm to pay dividends by flats By Dinh Dung – The Saigon Times Daily Huynh Huu Phuoc, chairman of CIC8, explained in a statement sent to shareholders that if shareholders endorsed the plan, the company could reduce the number of unsold flats. The firm has proposed two methods for dividend repayment, with one of them transferring apartments or land lots to shareholders instead of paying cash dividends. The projects developed by CIC8 include Green building in HCMC’s District 9, Metro Tower in Di An District in Binh Duong Province, Hung Phu urban area in Cai Rang District in Can Tho City and Dong Nam Thuy An urban area in the central province of Thua Thien-Hue. If shareholders disapproved this proposal, the company would pay dividends in cash over a period of one year, from January to December next year, with a monthly interest rate of 2%. CIC8’s deputy director for business and investment, Huynh Kim Thuy, said this way could help the company push down its inventory at a time when housing demand remained dampened. Prices of the company’s apartments and land lots range from VND500 million to over VND1 billion each and those shareholders agreeing to buy flats will pay in line with the development pace of the projects. Nonetheless, using condos or land to pay dividends is seen suitable for big shareholders.