Eric Trump, Executive Vice President of The Trump Organization, and Dang Thanh Tam, Chairman of KBC, signed a cooperation agreement in the presence of Mr. Trump on September 25, 2024, in Florida (USA) - Photo: KBC
Which investors changed their minds and decided not to buy?
Kinh Bac Urban Development Corporation - JSC (KBC) has just announced a resolution of its board of directors regarding the plan to handle the remaining 147.1 million shares after the private placement of 250 million shares.
The offering was conducted at a price of VND 23,900 per share, expected to raise a maximum of nearly VND 6,000 billion. The initial subscription list included 11 professional investors, both organizations and individuals, with payment due between June 20 and 23.
However, the results showed that only 6 investors completed the payment for the shares, with a total volume of 102.9 million shares, equivalent to 2,459 billion VND.
The remaining number of shares amounts to 147.1 million units because some investors did not fulfill their initial purchase orders or did not purchase the entire registered quantity.
The list of investors who did not make the payment as expected includes four entities related to Dragon Capital: Amersham Industries Limited, Vietnam Enterprise Investments Limited, DC Developing Markets Strategies Public Limited Company, and Samsung Vietnam Securities Master Investment Trust.
In addition, Prudential Vietnam Life Insurance Company Limited did not conduct any transactions.
Many investors did not buy KBC shares.
SGI Capital, which registered to buy nearly 49 million shares, only purchased 15.4 million units. Among individual investors, Mr. Pham Khanh Duy was the biggest buyer with 29 million shares, but this was still lower than his initial registration of 39 million shares.
Only VPBank Securities (VPBankS) completed the purchase of the full 20 million shares as planned.
Continue offering the remaining shares for sale.
Given the large remaining unsold shares, the Kinh Bac board of directors approved a plan to continue offering the remaining shares to domestic professional securities investors, maintaining the price at 23,900 VND per share.
The issued shares will be subject to transfer restrictions for 12 months from the date the offering ends.
The Board of Directors also assigned Mr. Dang Thanh Tam - Chairman of the Board of Directors and legal representative of the company - to organize and direct the notification and guidance of investors participating in the offering and to carry out the necessary procedures.
Previously, according to a resolution of KBC, the proceeds from the offerings would be used to restructure debts and supplement working capital for business operations.
According to the detailed capital utilization plan attached by KBC, KBC intends to restructure debts totaling VND 6,090 billion in 2025.
Of this amount, 4,428 billion VND is expected to be used to repay principal and interest on loans from Saigon Bac Giang Industrial Park JSC, 1,462 billion VND to repay principal and interest on loans from Saigon Hai Phong Industrial Park JSC, over 105 billion VND to repay principal on loans from VietinBank, and 160 billion VND to supplement working capital…
KBC recently announced its plan to hold its 2025 annual general shareholders' meeting, tentatively scheduled for the end of June.
One of the important items to be presented to shareholders is the plan to carry out transactions with Hung Yen Investment and Development Group Joint Stock Company - a subsidiary of KBC.
This company is currently the main investor in the Khoai Chau urban, eco-tourism and golf complex project (Hung Yen province), with an estimated total investment of 1.5 billion USD.
This is a strategic partnership project with The Trump Organization – the conglomerate of US President Donald Trump's family – and is expected to be branded as Trump International Hung Yen, marking the first presence of the Trump brand in Vietnam.
Source: https://tuoitre.vn/cong-ty-ong-dang-thanh-tam-e-147-trieu-co-phieu-loat-nha-dau-tu-chay-phut-chot-20250624162949927.htm
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