Dragon Capital returns to be major shareholder of top IP developer KBC
Dragon Capital, among the biggest foreign-run fund management companies in Vietnam, has returned to be a major shareholder of Kinh Bac City Development Holding Corporation, one of the country's leading industrial park developers.
Kinh Bac City Development Holding Corporation's headquarters in Bac Ninh province, northern Vietnam. Photo courtesy of Lao Dong (Labor) newspaper.
KB Vietnam Focus Balanced Fund, an affiliated fund of Dragon Capital, on Tuesday bought in 100,000 shares of Kinh Bac City Development Holding Corporation (Ho Chi Minh Stock Exchange: KBC), lifting their combined ownership in the Vietnamese developer to 38.433 million shares, or 5.0069%, from the earlier 4.9938%.
On April 2, the funds affiliated to Dragon Capital, had bought 1.39 million shares of KBC, raising their combined stake in the latter to 5.02% from the previous 4.84%, becoming a major shareholder.
On May 10, they unloaded 300,000 shares of the developer to reduce their holding to 4.98%.
KBC shares closed Friday down 0.32% at VND31,400 ($1.23) apiece. The stock rose 8.2% in May.
In documents KBC has just released for its 2024 AGM, slated for June 19, the firm plans to earn a net profit of VND4 trillion ($154.2 million) on revenue of VND9 trillion this year, up 78.2% and 60.2% year-on-year, respectively.
In 2023, the company made a net profit of VND2.25 trillion ($88.2 million) on revenue of VND5.62 trillion, meeting 56.1% and 62.7% of the year plan, respectively.
KBC anticipates to lease out an additional 150 hectares of industrial park space this year. In addition, it has prepared a total area of 3,500 ha of industrial property and 650 ha of urban space across the country.
It plans no dividend for 2024. It walked back a plan to pay a cash dividend of VND2,000 ($0.08) for 2023.
The developer plans to issue 250 million shares in a private offering in 2024 or 2025. If successful, its charter capital will be raised to VND10,176 billion ($400 million) from the current VND7,676 billion.
Industrial real estate developers in Vietnam are expected to benefit from a robust foreign direct investment inflow, particularly a relocation trend of high-tech manufacturers to the northern region. However, rental rates have continously risen across the country, which may undermine Vietnam's appeal to foreign investment.
- Read More
Vietnam’s steel giant Hoa Sen spends $34 mln on land near Long Thanh airport for urban development
Hoa Sen Group (HoSE: HSG), Vietnam’s top producer of coated steel products, has spent VND900 billion ($34.3 million) acquiring land for a major urban development project in the southern province of Dong Nai.
Real Estate - Fri, August 8, 2025 | 8:22 am GMT+7
Halal market presents major opportunities for Vietnamese businesses
The global Halal market is projected to reach $5 trillion by 2030, with Malaysia alone expected to hit $113.2 billion, said Shariza binti Abdul Rasheed, Halal product manager at Maybank Malaysia.
Economy - Thu, August 7, 2025 | 9:18 pm GMT+7
Steel major Hoa Phat to pour extra $130 mln into central Vietnam plant
Vietnam’s leading steelmaker, Hoa Phat Group (HoSE: HPG), will increase investment in its Dung Quat 2 iron and steel production complex by VND3.4 trillion ($129.7 million) as part of an expansion plan.
Industries - Thu, August 7, 2025 | 8:03 pm GMT+7
Vietnam’s army-backed construction firm proposes 14 offshore wind power projects
Lung Lo Construction Corporation (LLC), under the Ministry of National Defense, has submitted investment proposals for 14 offshore wind power projects with a combined capacity of 9,000 MW.
Energy - Thu, August 7, 2025 | 5:07 pm GMT+7
Vietnam's agri major Hoang Anh Gia Lai fined for bond information disclosure failure
Vietnam's agri major Hoang Anh Gia Lai JSC has been fined VND92.5 million ($3,528) for failing to disclose bond-related information as required by law.
Companies - Thu, August 7, 2025 | 4:31 pm GMT+7
Northern Vietnam province accelerates $2.2 bln LNG-to-power project
Quang Ninh province will hand over 4.9 hectares of reclaimed land to the Quang Ninh LNG-fuelled power plant project before August 11, local authorities stated at a meeting on Wednesday.
Energy - Thu, August 7, 2025 | 4:17 pm GMT+7
Vietnam's seafood firms ride profit wave ahead of US tariff hike
Vietnam’s seafood companies reported surging profits in Q2/2025, driven by importers ramping up purchases ahead of new U.S. reciprocal tariffs.
Economy - Thu, August 7, 2025 | 2:21 pm GMT+7
Le Anh Tuan appointed new CEO of Dragon Capital Vietfund Management JSC
Dragon Capital Group, Vietnam's largest asset manager, has appointed Le Anh Tuan as CEO of its arm Dragon Capital Vietfund Management Joint Stock Company (DCVFM), starting from October 1, 2025.
Companies - Thu, August 7, 2025 | 2:01 pm GMT+7
Indonesia, Malaysia, Thailand expand local currency transaction network
Bank Indonesia, Bank Negara Malaysia, and Bank of Thailand have added new Appointed Cross Currency Dealer (ACCD) participating banks to broaden services for bilateral transactions in local currencies across the three nations, Bank Indonesia said in a statement on Tuesday.
Southeast Asia - Thu, August 7, 2025 | 12:48 pm GMT+7
ASEAN to sign MoU on regional power grid implementation
ASEAN member states are set to sign an MoU on the implementation of the ASEAN Power Grid during the bloc’s Energy Ministers’ Meeting this October.
Southeast Asia - Thu, August 7, 2025 | 12:43 pm GMT+7
Vietnam overtakes Thailand to become world's second-largest rice exporter
Vietnam has outranked Thailand as the world’s second-largest rice exporter in the first half of 2025, Thai PBS reported on August 3, citing the Thai Rice Exporters Association.
Companies - Thu, August 7, 2025 | 12:41 pm GMT+7
Vietnam posts trade surplus of $10.18 bln in 7 months
Vietnam’s export earnings grew by 14.8% to $262.44 billion in the first seven months of this year, while its import turnover rose by 17.9% to $252.26 billion, resulting in a trade surplus of $10.18 billion.
Economy - Thu, August 7, 2025 | 12:19 pm GMT+7
Malaysia pledges big purchases, investments with US
Malaysia has agreed to buy and invest over $240 billion (MYR1.02 trillion) in the U.S. to help reduce the trade gap between the two countries.
Southeast Asia - Thu, August 7, 2025 | 12:08 pm GMT+7
Vietnam's leading property developer Novaland to issue 152 mln shares to settle $229 mln debt
Novaland, a major real estate developer in Vietnam, plans to issue nearly 152 million new shares to swap more than VND6 trillion ($228.8 million) worth of bond principal.
Companies - Thu, August 7, 2025 | 10:11 am GMT+7
Vietnam's FDI capital disbursement hits five-year record high despite US tariff turmoil
Disbursed foreign direct investment (FDI) capital in Vietnam reached $13.6 billion in Jan-July, up 8.4% year-on-year, despite U.S. tariff concerns.
Economy - Thu, August 7, 2025 | 9:57 am GMT+7
Malaysia steps up efforts to explore nuclear energy potential
Malaysia’s Minister of Science, Technology and Innovation Chang Lih Kang on Wednesday reaffirmed his ministry’s commitment to enhancing cooperation with the Ministry of Energy Transition and Water Transformation (PETRA) in exploring the potential of nuclear energy.
Southeast Asia - Thu, August 7, 2025 | 8:10 am GMT+7
