Panoramic view of the 990-hectare land area in Khoai Chau district ( Hung Yen province) planned for a project worth over 1.5 billion USD - Photo: HONG QUANG
Kinh Bac City Development Corporation (KBC) has just announced its plan to organize the 2025 annual general meeting of shareholders, scheduled to take place at the end of June.
One of the important contents that will be submitted to shareholders for consideration and approval is the policy of implementing key tasks and all transactions between KBC and Hung Yen Investment and Development Group Joint Stock Company - a subsidiary of KBC (Hung Yen Company).
Including transactions with a value of 35% or more of total asset value based on KBC's most recent consolidated financial statements.
Specifically, the contents to be submitted to shareholders for decision include:
- Contribute capital, decide on investment, joint venture, investment cooperation or sell assets to support Hung Yen Company in implementing the project.
- Arrange capital for the project through forms such as loans, securities issuance and offering, investment cooperation and other forms ensuring compliance with relevant legal regulations.
- Implement commitments to guarantee, guarantee, provide financial support, transfer capital, loan transactions, and other contracts and transactions to ensure the safety of the corporation arising between KBC, Hung Yen Company and the project.
- Use the Khoai Chau project, assets, property rights arising from the project, assets owned/used by Hung Yen Company, KBC or a third party to secure debt repayment obligations for loans and other obligations related to the Khoai Chau project, KBC, Hung Yen Company...
- Transactions under the authority of KBC Board of Directors.
Hung Yen Investment and Development Group Joint Stock Company is currently the main investor in the Khoai Chau urban complex, eco -tourism and golf course project (Hung Yen), with a total investment capital of up to 1.5 billion USD.
This project is part of the strategic cooperation between The Trump Organization - the corporation of US President Donald Trump's family and Hung Yen Company.
This will also be the first Trump-branded project in Vietnam called Trump International Hung Yen.
Previously, on April 25, Mr. Dang Thanh Tam - Chairman of KBC - signed the resolution of the Board of Directors on approving the participation in the investment proposal, and at the same time approving the investor of the Khoai Chau urban and eco-tourism complex project. Accordingly, the investor's capital contribution is clearly stated in the resolution as VND 5,968 billion.
Regarding business performance, KBC has announced its consolidated financial report for the first quarter of 2025 with net revenue of more than VND 3,116 billion, an increase of more than 20 times compared to the same period last year. Pre-tax profit was VND 1,124 billion - a sudden increase compared to the loss of VND 36.4 billion in the first quarter of last year.
This year, Kinh Bac sets a revenue target of VND10,000 billion and after-tax profit of VND3,200 billion, respectively 3.6 and 7 times higher than the 2024 results.
The ambitious goal has now become feasible as the company has completed about 31% of its revenue and 27% of its annual profit target after a quarter of the journey.
Source: https://tuoitre.vn/co-dong-kbc-sap-quyet-viec-quan-trong-tai-du-an-ti-do-lam-cung-tap-doan-trump-20250612180248582.htm
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