Kinh Bac chairman completes 25 mln KBC shares purchase
Dang Thanh Tam, chairman of Kinh Bac City Development Holding Corp., one of Vietnam's leading industrial real estate companies, has completed his purchase of 25 million shares of the developer.
With the purchase, conducted from November 15 to December 13, Tam’s stake in Kinh Bac increased from 14.81% to 24.91% of the company’s charter capital.
At the December 13 closing price of VND22,500 ($0.96) per share, it is estimated that Tam spent up to VND562.5 billion ($23.89 million) on the deal.
From January 6 to November 9, Kinh Bac, listed on the Ho Chi Minh Stock Exchange (HoSE) as KBC, plunged 69.4% from VND46,350 ($1.97) to VND14,200 ($0.6) per share.
After that, the stock recovered, reaching VND22,800 ($0.97) on December 14, 60.6% higher than its bottom price recorded on November 9 but 50.8% below its January 6 peak price.
In a plan to be submitted to shareholders at the second extraordinary general meeting in 2022 scheduled for December 28, Kinh Bac would buy back 100 million KBC shares at the market price, but not higher than VND34,000 ($1.45) per share, in order to reduce its charter capital.
Kinh Bac also plans to pay a cash dividend of 20% for this year, meaning a shareholder owning one KBC share will receive VND2,000 ($0.08). With a total of 767.6 million floating shares, the firm is expected to spend over VND1,335 billion ($56.7 million) on dividend payments.
It targets revenue of VND9 trillion ($382.3 million) and after-tax profit of VND4 trillion ($169.9 million) next year.
In the first nine months of this year, the corporation recorded more than VND1,288 billion ($54.7 million) and over VND2,136 billion ($90.72 million) in revenue and after-tax profit, down 58.1% and up 191.4% year-on-year, respectively. With these results, it reached only 47.5% of its yearly profit plan.
By September 30, 2022, the company's total assets had increased by 9.1% compared to the beginning of the year to over VND33.37 trillion ($1.42 billion).
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