Kinh Bac Urban Development Corporation - JSC (Kinh Bac - stock code: KBC) has just announced the plan to organize the 2025 Annual General Meeting of Shareholders, expected to take place at the end of June.
In particular, the important content presented by the Board of Directors to shareholders is related to transactions between Kinh Bac and Hung Yen Investment and Development Corporation (Hung Yen Company). This enterprise is a subsidiary in which Kinh Bac directly owns 85% of the charter capital.
In particular, Hung Yen Company is the investor implementing the Khoai Chau urban complex, eco-tourism and golf course project. The project has a scale of 888.53 hectares, with a total investment of 1.5 billion USD. This project is within the framework of strategic cooperation between The Trump Organization - the corporation of US President Donald Trump's family and Hung Yen Company.
Under current legal regulations, Kinh Bac as the parent company and related parties will have to pass resolutions or decisions when necessary related to Hung Yen Company and the activities of Khoai Chau Project.
The Prime Minister and delegates performed the groundbreaking ceremony of the Trump International Hung Yen project (Photo: Ha Van).
The Board of Directors of the enterprise submits to the General Meeting of Shareholders for consideration and approval of the policy for implementing key tasks and all transactions, including transactions with a value of 35% or more of total asset value based on the most recent consolidated financial report.
Kinh Bac proposes to approve capital contribution transactions, investment decisions, joint ventures, joint ventures, investment cooperation, business cooperation or asset sales to support Hung Yen Company in implementing the project.
Second, decisions on arranging capital for projects through forms of borrowing, issuing and offering securities, investment cooperation and other forms must ensure compliance with relevant legal provisions.
Third are transactions to implement commitments, guarantees, warranties, financial support, capital transfers, loan transactions, lending transactions and other contracts and transactions to ensure the safety of the corporation arising between Kinh Bac, Hung Yen Company and the project.
Mr. Dang Thanh Tam's Group proposes to use the Khoai Chau Project, assets, property rights arising from the project, assets owned/used by Hung Yen Company, Kinh Bac or a third party to secure debt repayment obligations for loans and other obligations related to the Khoai Chau project, Kinh Bac, Hung Yen Company, subsidiaries, affiliates or other related parties of Kinh Bac and Hung Yen Company.
Finally, Kinh Bac proposed to approve other transactions under the authority of the Board of Directors.
Regarding business performance, Kinh Bac recorded net revenue of VND3,116.9 billion, more than 20 times higher than the same period last year. After deducting expenses, this real estate company had a profit after tax of VND849.1 billion, while in the same period last year it lost VND76.7 billion.
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 implementation level.
Source: https://dantri.com.vn/kinh-doanh/cong-ty-ong-thanh-tam-ra-dong-thai-moi-tai-du-an-lam-cung-tap-doan-trump-20250613103401324.htm
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