Dragon Capital-linked team no longer major shareholder of industrial park developer KBC

A group of funds affiliated with Dragon Capital, among the biggest foreign-run fund managers in Vietnam, has cut their holding in Kinh Bac City Development Holding Corporation (HoSE: KBC) to below 5%, no longer being a major shareholder in the latter.

The group unloaded 300,000 KBC shares on Wednesday, October 9 to reduce their combined ownership to 4.999%, or 38.37 million shares, from the earlier 5.04%, Dragon Capital said in a filing to the Ho Chi Minh Stock Exchange.

Of the amount, Amersham Industries Limited sold 200,000 KBC shares and Norges Bank 100,000 shares.

On May 28, the group had bought 100,000 KBC shares to lift their holding beyond 5% and became a major shareholder of KBC, among the leading industrial park developers in the country.

In another development, KBC chairman Dang Thanh Tam did not transfer 86.55 million KBC shares between September 9 and October 8 as registered, retaining his holding in the company at 18.06%.

Papers had yet to be completed with relevant authorities to transfer that share amount to Ho Chi Minh City-based DTT Investment and Development Joint Stock Company, where Tam owns a 90.4% stake and is its director, Tam explained.

In the first half of this year, KBC earned a net profit of VND191.21 billion ($7.7 million) on revenue of VND1,044 billion, down 90.8% and 77.1% year-on-year, respectively.

For 2024, the company aims to make a net profit of VND4 trillion ($161.13 million) on revenue of VND9 trillion, up 80% and 47% from 2023, respectively.

KBC is one of the leading industrial park developers in Vietnam. KBC shares closed up 0.36% at VND27,950 ($1.13) apiece on Friday.