Accordingly, KBC will cooperate with these two entities to contribute capital to the establishment of Long An Investment and Development Joint Stock Company with an expected charter capital of VND 1,500 billion, to invest in large projects in Long An. . In which, KBC will contribute 540 billion VND, equivalent to 36% charter capital of the company’s registration.
Long An Investment and Development Company is headquartered in Tan Duc Industrial Park, Duc Hoa Ha Commune, Duc Hoa District, Long An Province. Chairman of the Board of Directors of KBC, Mr. Dang Thanh Tam is the representative for the Corporation’s contribution in the above unit.
It is known that Saigon – Hai Phong Industrial Park Joint Stock Company, one of the two units cooperating with KBC in the project in Long An is a subsidiary of 86.54% owned by KBC. Thus, it is likely that KBC will through a subsidiary holding more than 36% of capital in Long An Investment and Development Company.
Earlier in early February, KBC also approved a resolution on the establishment of Hung Yen Investment and Development Group Joint Stock Company, with the aim of investing in a large industrial – urban complex in Hung Yen.
The initial charter capital of this unit was 1,800 billion VND, of which KBC expected to contribute 1,080 billion VND, equivalent to 60% of the capital; Sai Gon – Hai Phong Industrial Park Joint Stock Company contributes 180 billion dong, equivalent to 10% of capital.
Thus, within 1 month, KBC’s management board passed 2 resolutions on investment capital contribution to establish subsidiaries and associates, with a total investment of up to 1,620 billion VND.
The KBC side said that the corporation’s key project in 2021 is the Trang Cat project in Hai Phong, with an area of 584.9 ha. This project is expected by the management of KBC to contribute to the development of Hai Phong and bring many benefits to shareholders in the coming years.
In addition, KBC also said that it will continue to implement signed contracts in 2020 and 2021 with projects including Nam Son Hap Linh Industrial Park, Quang Chau Industrial Park, Phuc Ninh Urban Area and Trang Due urban area.
Estimated consolidated revenue from these projects is about 3,000 billion VND, profit is over 1,000 billion VND.
Regarding the business situation, last year, KBC recorded revenue of 2,154 billion VND, a sharp decrease compared to 3,210 billion VND in 2019. KBC’s after-tax profit reached more than 297 billion VND in 2020, a decrease of more than 70 %.
KBC is currently trading at 41,600 dong / share (opening price on February 22, 2021). Market capitalization is estimated at over 18,600 billion VND.
Source: vietnamfinance.vn – Translated by fintel.vn