KBC

In the morning of June 23, Kinh Bac City Development Holding Corporation (Security Code: KBC) successfully organized the 2023 General Meeting of Shareholder, the Chairman Dang Thanh Tam was absent because his mother passed away on June 22. Ms. Nguyen Thi Thu Huong – General Director cum Member of Board of Directors was authorized to chair the meeting. There were 170 attendees (including shareholders and representatives of shareholders) at the meeting, representing for 488,227,850 shares, equivalent to 488,277,850 votes, accounting for 63.6041% total votes.

Overview of the 2023 General Meeting of Shareholders

At the meeting, Ms. Nguyen Thi Thu Huong – KBC’s General Director gladly shared to shareholders “On July 22, Kinh Bac official got outstanding balance of bond zero”. Previously, KBC’s Board of Directors agreed to assign the Board of Management to actively built plans for cash flow management, arranged suitable capital to prioritize payment on time and early redeem all of bonds which maintained outstanding balance as at December 31, 2022, to ensure benefits for investors, partners, especially banks and bondholders. Recorded on the 2022 audited consolidated financial statement, the outstanding balance of KBC bond as at the end of last year was 3,900 billion VND.

Ms. Nguyen Thi Thu Huong – KBC’s General Director reported business operations in 2022 and plans for 2023

In terms of business plan for 2023, KBC has targeted to reach 9000 billion dong in revenue and 4000 billion dong in profit after tax, 9.5 times higher than the same period of last year. For the consolidated profit, KBC received more than 1000 billion in profit after tax for the first quarter; estimated about 1000 billion dong for the second quarter. Therefore, the consolidated profit after tax for the first 6 months of the year is estimated to reach 2000 billion dong.

To achieve set targets in 2023, KBC will focus on implementing the principal projects as well as continuing to compensate and finalize infrastructure at Nam Son Hap Linh IP, expanded Quang Chau IP, Tan Phu Trung IP. At the same time, the Corporation will continue to finalize documents to get approval of investment policy for Trang Due 3 IP, expected in the third quarter of 2023.

Ms. Nguyen Thi Thu Huong – KBC’s General Director gladly shared to shareholders “On July 22, Kinh Bac official got outstanding balance of bond zero”.

Besides, KBC will finalize and hand over villas at Trang Due Urban Area; levell ground and build infrastructure in Trang Cat Urban Area; complete legal procedures to hand over houses for investors who have booked in advance in Phuc Ninh Urban Area.

In terms of social housing projects and resettlement areas, KBC will carry out construction investment plan and arrange capital for social housing projects in Trang Due Urban Area, Tan Phu Trung Residential Area, Long An Resettlement Areas. At the same time, the Group will manage and develop the Nenh Social Housing Project in Bac Giang province.

The Presidium run the Meeting

Besides, KBC also carried out 2 new business strategies which are Quang Yen Electronics Company Limited and Agricultural Machinery Spare Parts Factory in Quang Ninh with the total scale of 60.7 ha. Projects are in the stage of compensation, site clearance and ground levelling.

Shareholders attending the Meeting agreed with the contexts presented by the Corporation’s management and highly appreciated the accomplishments which Board of Directors, Boad of Management and all employees of the Corporation have made in 2022.

Therefore, it can be said that although macroeconomic context has not clearly exposed positive signs of development, but there have been many positive signs within the business area of KBC. Provinces such as Bac Ninh, Long An have committed to strong administrative reform, building a safer, more attractive, more transparent, favorable investment environment; at the same time, wishing FDI enterprises to share information strategic vision, enrich themselves and contribute to the sustainable development of the province. Hence, KBC forecast that 2023 will be the promising year in attracting FDI into VN in general, KBC in particular.

The Meeting was held successfully and ended at 12 PM on the same day.

Kinh Bac City Development Holding Corporation announces the full text of the Meeting Minutes and the Resolution of the 2023 Annual General Meeting of Shareholders.