Many institutions divest from housing major Khang Dien
Hanwha Life Insurance Company Limited, VOF Investment Limited, Kiwoom Vietnam Tomorrow Securities Master Fund (Equity), Delta Global Financial Holdings Private Limited have sold all KDH shares of Khang Dien House Trading and Investment JSC.
Khang Dien House Trading and Investment JSC, listed on the Ho Chi Minh Stock Exchange (HoSE) as KDH, is a major real estate investment and trading and management company in Ho Chi Minh City.
Hanwha Life Insurance Company Limited (Vietnam) and the above funds are related to Nguyen Thi Dieu Phuong, an independent board member, and Vuong Hoang Thao Linh, a member of the supervisory board at Khang Dien.
Accordingly, Hanwha Life Insurance Company Limited (Vietnam) sold 16,830 KDH shares to reduce its ownership to 0% on February 6, 2023.
From December 12, 2022 to January 10, 2023, VOF Investment Limited sold 4.11 million out of the total 10 million KDH shares registered to sell. Accordingly, this fund reduced its ownership in Khang Dien from 1.41% to 0.83% of charter capital. The reason for not selling all registered shares is market movements remain inappropriate.
Later, the fund registered to sell all 5.89 million KDH shares to reduce its ownership from 0.83% to 0% of charter capital. The transaction is expected to take place from January 17 to February 15, 2023.
Previously, Kiwoom Vietnam Tomorrow Securities Master Fund (Equity) sold all 126,693 KDH shares to reduce its ownership to 0%. The transaction was made from December 15 to December 23.
The Delta Global Financial Holdings Private Limited fund sold all 110,000 KDH shares to reduce its ownership to 0% from December 15 to December 23.
In the fourth quarter of 2022, KDH recorded net revenue of more than VND1,234 billion ($52.32 million), up 109.2% year-on-year, and after-tax profit of VND110.7 billion ($4.69 million), down 73.3%. Gross profit margin dropped sharply from 82.2% to only 24.2%.
In 2022, Khang Dien reported net revenue of VND2,912 billion ($123.46 million), down more than 22% year-on-year, and after-tax profit was VND1,081 billion ($45.85 million), down 10.2%.
At the closing morning session on February 10, the KDH shares price hit VND27,500 ($1.17) a piece.
Some apartment and villa projects of Khang Dien are Safira Khang Dien in District 9, HCMC, Lovera Vista (Binh Chanh district, HCMC), Verosa Park (District 9), Parcspring (District 2, HCMC), Topia Garden (Vung Tau town, Ba Ria-Vung Tau province), and Mega Village, Jamila Khang Dien, The Venica, Lucasta, Jamila Khang Dien, all in District 9, HCMC.
- Read More
Maersk opens its first bonded warehouse in Vietnam
Denmark's integrated transport and logistics giant A.P. Moller - Maersk (Maersk) on Thursday opened its first bonded warehouse in Vietnam at SLP Park, Nam Dinh Vu Industrial Park in Hai Phong city.
Industries - Thu, October 31, 2024 | 11:44 pm GMT+7
ABBank incurs $14 mln loss in Q3
Hanoi-headquartered An Binh Commercial Joint Stock Bank reported a pre-tax loss of VND343.5 billion ($13.59 million) in the third quarter of this year, while some other private Vietnamese banks posted strong profits.
Banking - Thu, October 31, 2024 | 9:29 pm GMT+7
Vietnam’s emergence as regional manufacturing hub a significant logistics opportunity: SuperPort exec
Southeast Asia’s rise as a vital logistics hub with Vietnam positioned as a key manufacturing center presents a significant business opportunity, says Yap Kwong Weng, CEO of Vietnam SuperPort.
Companies - Thu, October 31, 2024 | 9:01 pm GMT+7
Indonesia steps up support for textile industry
Indonesia’s President Prabowo Subianto held a close-door meeting with several ministers on Tuesday to discuss the current situation of Indonesia's textile industry, particularly focusing on textile giant Sri Rejeki Isman (Sritex).
Southeast Asia - Thu, October 31, 2024 | 6:01 pm GMT+7
Thailand speeds up plans to construct six new airports
Thailand’s Transport Ministry is accelerating development and construction projects on six airports with an aim to become the region's transportation hub.
Southeast Asia - Thu, October 31, 2024 | 6:00 pm GMT+7
Thailand develops eco-friendly seaport model
Thailand is striving to implement environmental protection and social sustainability solutions in developing the country’s major infrastructure projects, such as the development of Phase 3 of Laem Chabang Port, Thailand's only deep-sea port.
Southeast Asia - Thu, October 31, 2024 | 5:58 pm GMT+7
Indonesia intensifies oil palm cultivation to meet biodiesel demand
Indonesia is expanding its oil palm cultivation to increase crude palm oil (CPO) production as a raw material for 50% biodiesel (B50), according to the country’s Ministry of Agriculture.
Southeast Asia - Thu, October 31, 2024 | 5:56 pm GMT+7
Malaysia’s first domestic EV model opens for booking
The Malaysian multinational automotive company Proton's first electric vehicle (EV), the e.MAS 7, is now open for booking.
Southeast Asia - Thu, October 31, 2024 | 5:54 pm GMT+7
Thailand aims to become emerging leader in AI
Thailand is positioning itself as an emerging leader in artificial intelligence (AI) regulation and development, thanks to policies that support an approach that balances technological innovation with ethical considerations and workforce protection.
Southeast Asia - Thu, October 31, 2024 | 5:53 pm GMT+7
Vietnam PM calls for more investment from Qatar’s $475 bln sovereign wealth fund
Vietnamese Prime Minister Pham Minh Chinh has called on the Qatar Investment Authority (QIA), Qatar's sovereign wealth fund with total assets amounting to $475 billion as of 2023, to ramp up its investment in Vietnam.
Industries - Thu, October 31, 2024 | 4:43 pm GMT+7
FPT Retail earns $6.5 mln in Q3 profit, to expand FPT Shop chain
Vietnamese retail major FPT Retail made a profit after tax of VND165 billion ($6.52 million) in the third quarter of this year, while it incurred a loss of VND13 billion ($514,000) in the same period last year.
Companies - Thu, October 31, 2024 | 3:56 pm GMT+7
Germany’s PNE opens rep office for $4.6 bln offshore wind project in central Vietnam
Germany’s PNE AG, a leading developer of renewable energy projects, has shown its determination to proceed with a mega offshore wind power project in central Vietnam by opening a representative office there.
Energy - Thu, October 31, 2024 | 2:43 pm GMT+7
Saudi Arabian energy giant ACWA Power ready to invest $5 bln in Vietnam
Saudi Arabian private energy giant ACWA Power stands ready to invest up to $5 billion in Vietnam, a senior executive said Wednesday.
Industries - Thu, October 31, 2024 | 2:39 pm GMT+7
Effective M&A deal depends on thorough understanding, value addition potential: Kido exec
An effective M&A transaction depends on fully understanding the company being acquired in order to create added value, says Kido Group CEO Tran Le Nguyen.
Companies - Thu, October 31, 2024 | 1:22 pm GMT+7
No budget apartments in Vietnam, chronic supply-demand gap widens
Vietnam saw no supply or transaction of low-cost apartments priced below VND25 million ($988) per square meter in the third quarter, says a real estate report by the Ministry of Construction.
Real Estate - Thu, October 31, 2024 | 1:10 pm GMT+7
Vietnam steel major SMC remains bogged down with difficulties
Steel manufacturer SMC Trading Investment JSC has been actively selling assets to generate cash for debt repayment and maintain operations since the beginning of this year.
Companies - Thu, October 31, 2024 | 10:41 am GMT+7