The conglomerate, which owns Bamboo Airways and also has interests in tourism and hi-tech agriculture, has FLCHomes to develop residences, offices, hospitality and golf real estate.

The registration of the FLCHomes Real Estate Development and Investment Jsc means it has likely abandoned a plan initiated last year to list its FHH shares on the country’s main bourse, the Ho Chi Minh City Stock Exchange (HoSE).

In November last year, the company wanted to list at the price of VND35,000 ($1.51) per share for a market capitalization VND14.35 trillion. FLC group chairman Trinh Van Quyet had said then that share prices could reach three digits, or over VND100,000.

Ninety percent of FLCHomes stake is owned by the parent company and individuals, while the rest belongs to employees, he added.

In the first half this year, FLCHomes saw revenue doubling year-on-year to VND1.16 trillion. It recorded a post-tax profit of nearly VND3.8 billion against a loss in the same period last year.