KBC desires to convert 1,188 billion dongs in receivables into subsidiary stock.

DNHN - KBC registered to purchase 11,88 million shares of SHP and simultaneously approved the conversion of 1,188 billion VND worth of SHP receivables into funds for the purchase of shares offered for private placement.

Kinh Bac Urban Development Corporation (KBC) has decided to convert Saigon - Hai Phong Industrial Park Joint Stock Company (SHP) receivables worth nearly 1,200 billion VND into shares. SHP owns and manages the Trang Due Industrial Park in Hai Phong.

KBC's Board of Directors has announced that the company has registered to purchase 11.88 million shares of SHP for 100,000 VND per share. Concurrently, the Board of Directors approved the conversion of SHP's 1 188 billion VND in receivables into cash for the purchase of private placement shares.

After this transaction, KBC will own 15.48 million shares of SHP, an increase from its previous holdings of 3.62 million shares. However, after the transaction is finalized, KBC has not disclosed the anticipated ownership percentage.

According to information from the end of March, KBC owns 86.54 percent of SHP's charter capital. According to the parent company’s financial statements, KBC received VND 1,188 billion in dividends from SHP during the first quarter. At the end of the first quarter, SHP owed KBC a total of 1,920 billion dongs, including 278 billion dongs in short-term debt, 364 billion dongs in long-term debt, and 1,165 billion dongs in long-term debt from investment cooperation, along with 113 billion dongs in loan interest.

In 2006, in Hai Phong, the Saigon - Hai Phong Industrial Park Joint Stock Company was established with an initial charter capital of 200 billion VND. This company's primary activities consist of leasing land with constructed infrastructure, renting or selling homes and factories, and providing urban residential and industrial park services.

SHP is currently the investor in the Trang Due Industrial Park and Urban Area project, which is located within the economic zone of Dinh Vu - Cat Hai - Hai Phong. Trang Due Industrial Park has a total area of 1,088 hectares, of which phases 1 and 2 (with an area of 401 hectares and 88 projects, of which 85 percent have foreign direct investment capital) and phase 3 (with an area of 688 hectares) have been completed.

Vietnam investment project LG Innotek Vietnam Hai Phong Co., Ltd. was recently granted an amended investment registration certificate by the Hai Phong City People's Committee, allowing an additional capital increase of 1 billion USD between 2023 and 2025. SHP invests in the Trang Due Industrial Park.

At the 2023 Annual General Meeting of Shareholders, KBC's leaders announced the business plan for the first half of the year, which included an estimated revenue of approximately VND 4,000 billion and a profit after tax of approximately VND 2,000 billion, which was realized by more than 50 percent. Prepare for the entire year.

KBC has set a business plan for 2023 with total consolidated revenue of VND9,000 billion and consolidated profit after tax of VND4,000 billion, 6 times and 2.6 times the previous year's revenue and profit, respectively. outcomes in 2022.

P.V (t/h)