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.
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