Mr. Dang Thanh Tam's company has 147 million unsold shares, a series of investors "ran away" at the last minute

Many investors registered but changed their minds and did not buy, or bought fewer shares than registered, causing Mr. Dang Thanh Tam's business to have a large number of unsold shares in the recent private issuance.

Mr. Eric Trump, executive vice president of The Trump Organization and Mr. Dang Thanh Tam, chairman of KBC, signed a cooperation agreement witnessed by Mr. Trump on September 25, 2024, in Florida (USA) - Photo: KBC

Which investors changed their mind and did not buy?

Kinh Bac Urban Development Corporation - JSC (KBC) has just announced the resolution of the board of directors on the plan to handle 147.1 million remaining shares after the private issuance of 250 million shares.

The issuance was carried out at a price of VND23,900/share, expected to raise a maximum of nearly VND6,000 billion. The initial list of registered buyers included 11 organizations and individual professional investors, with payment deadlines from June 20 to 23.

However, the results showed that only 6 investors completed the purchase payment, with a total volume of 102.9 million shares, equivalent to VND 2,459 billion.

The remaining number of shares is up to 147.1 million units because some investors did not buy according to the initial registration or did not buy all the registered number.

The list of investors who did not pay the purchase price as expected includes 4 legal entities related to Dragon Capital, including: Amersham Industries Limited, Vietnam Enterprise Investments Limited, DC Developing Markets Strategies Public Limited Company and Samsung Vietnam Securities Master Investment Trust.

Besides, Prudential Vietnam Life Insurance Company Limited also did not conduct the transaction.

Many investors do not buy KBC shares

SGI Capital - the unit that registered nearly 49 million shares, only bought 15.4 million units. Among the group of individual investors, Mr. Pham Khanh Duy was the biggest buyer with 29 million shares, but still lower than the initial registration of 39 million shares.

Only VPBank Securities (VPBankS) completed the purchase of all 20 million shares as planned.

Continue offering remaining shares

Faced with a large amount of remaining shares, Kinh Bac's board of directors approved a plan to continue offering the remaining shares to domestic professional securities investors, maintaining the price of VND23,900/share.

The issued shares will be subject to transfer restrictions for 12 months from the closing date of the offering.

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, guide investors to participate in the offering and carry out necessary procedures.

Previously, according to KBC's resolution, the proceeds from the offerings will be used to restructure debts and supplement working capital for business operations.

In the detailed capital usage table attached by KBC, KBC wants to restructure debts up to VND 6,090 billion in 2025.

Of which, 4,428 billion VND is expected to be used to pay off the principal and interest of Saigon Bac Giang Industrial Park JSC, 1,462 billion VND to pay off the principal and interest of Saigon Hai Phong Industrial Park JSC, more than 105 billion VND to pay off the principal of VietinBank loan, and supplement 160 billion VND of working capital...

KBC also recently announced plans to hold its 2025 annual general meeting of shareholders, scheduled to take place at the end of June.

One of the important contents to be presented to shareholders is the policy of implementing transactions with Hung Yen Investment and Development Group Corporation - a subsidiary of KBC.

This unit is currently the main investor in the Khoai Chau urban complex, eco-tourism and golf course project (Hung Yen), with a total estimated investment capital of 1.5 billion USD.

This is a strategic cooperation project with The Trump Organization - the corporation of US President Donald Trump's family and is expected to carry the Trump International Hung Yen brand, marking the first presence of the Trump brand in Vietnam.

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BINH KHANH

Source: https://tuoitre.vn/cong-ty-ong-dang-thanh-tam-e-147-trieu-co-phieu-loat-nha-dau-tu-chay-phut-chot-20250624162949927.htm