Mr. Dang Thanh Tam, Chairman of the Board of Directors of Kinh Bac Urban Development Corporation (stock code: KBC), has just sent a written notice to the Ho Chi Minh City Stock Exchange (HOSE) about registering to transfer ownership of 86.5 million KBC shares (equivalent to 11.27% of Kinh Bac Corporation's charter capital) to DTT Investment and Development Joint Stock Company (DDT Company).
The expected transaction time is from September 9 to October 8, the purpose is to contribute capital to DTT Company with KBC shares. If the transaction is successful, the number of KBC shares held by Mr. Tam will decrease to 52.12 million, equivalent to 6.79%.
After this transaction, DTT will become a major shareholder of Kinh Bac Urban Development Corporation, with an ownership ratio of 11.27%. The provisional closing price of KBC shares is 26,750 VND/share, the value of the transferred shares is nearly 2,315 billion VND.
DTT Company was established last January, operating in the real estate business. Mr. Tam is the legal representative and director of this company.
KBC stock fluctuations from the beginning of 2024 to present Source: Fireant
Regarding Kinh Bac Urban Development Corporation, recently, this enterprise successfully issued the bond lot KBCH2426001, successfully mobilizing 1,000 billion VND. The bond lot has a term of 24 months and will mature on August 28, 2026, with a fixed interest rate of 10.5%/year.
The purpose of issuance is to restructure the company's debts to Saigon - Bac Giang Industrial Park Joint Stock Company and Hung Yen Investment and Development Group Joint Stock Company.
As of the end of the second quarter of 2024, Kinh Bac Urban Development Corporation's debt was VND 20,491 billion, an increase of more than VND 7,000 billion compared to the end of 2023. Of which, total debt accounted for nearly 24%, an increase of 33.9% compared to the beginning of the year, to nearly VND 4,900 billion.
By the end of June 2024, the company's cash and cash equivalents portfolio was worth VND 1,210 billion (up 43% compared to the end of 2023), of which cash was VND 931 billion and cash equivalents were VND 278 billion.
In the market, KBC shares had increased sharply at the end of March, at over VND36,000/share. However, this stock then continuously adjusted and decreased sharply to VND26,750/share, down more than 15% compared to the beginning of the year.
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