KBC

On June 19, 2024 morning, at Que Vo Industrial Park – Bac Ninh province, Kinh Bac City Development Holding Corporation (KBC) successfully held the 2024 Annual General Meeting of Shareholders. Attending the General Meeting were 176 shareholders (including shareholders and authorized representatives of shareholders) representing 420,044,602 shares, equivalent to 420,044,602 votes, accounting for 54.7215% of the total votes of all shareholders. Mr. Dang Thanh Tam – Chairman of the Board of Directors run the General Meeting.

Annual General Meeting of Shareholders of Kinh Bac City Development Holding Corporation in 2024

Regarding the business plan in 2024, KBC sets a target revenue of VND 9,000 billion, increasing 48.5% compared to actual result of 2023; target profit after tax of VND 4,000 billion, increasing 78.2% compared to the actual implementation in 2023.

KBC's leaders said that the estimated land lease area of industrial parks (IPs) in 2024 was expected to be 150 hectares from the projects such as Nam Son - Hap Linh IP, Quang Chau IP, Tan Phu Trung IP, industrial clusters in Hung Yen, Long An, Trang Due 3 IP, etc. In addition, KBC also prepared new IP land funds in localities such as Bac Ninh, Thai Nguyen, Hau Giang, Can Tho, Vung Tau with a total area of about 3,500 hectares of IP land and 650 hectares of urban area land.

Presidium of the General Meeting

At the General Meeting, the Presidium submitted to shareholders the plan to privately issue 250 million shares to no more than 100 professional securities investors in accordance with the law. The company has not yet determined the specific offering price, instead, the General Meeting of Shareholders has approved the authorization for the BOD to determine the offering price according to the principle of "not lower than 80% of the average closing price of 30 trading sessions immediately before the date the State Securities Commission has issued an official letter approving / confirming the receipt of a complete registration dossier for private placement of KBC shares and the offering price must not be lower than the value recorded in the books of the shares specified in the separate financial statements of the latest quarter at the time the Corporation's BOD implements the offering plan". In addition, the issued shares are restricted from transfer for 1 year from the date of completion and implementation in 2024 – 2025. If the above plan is successfully implemented, KBC will increase its charter capital from VND 7,676 billion to VND 10,176 billion. The Corporation will use the mobilized money to restructure debts; increase the scale of operating capital, invest in capital contribution in subsidiaries, joint ventures and affiliated companies; purchase shares and contributed capital of companies to carry out potential mergers and acquisitions of enterprises suitable for business activities; and supplement working capital.

Mr. Dang Thanh Tam - Chairman of KBC’s BOD said that currently, the demand of investors who want to buy privately issued shares has exceeded the expected number of offerings. The time to make the dossier until it is completed if it is fast, will take from 3 to 5 months. KBC's expected asking price will depend on GDP growth as well as other macroeconomic factors. Regarding the number of issued shares, Mr. Dang Thanh Tam said that the Corporation has calculated and balanced to increase capital and meet the conditions to implement projects.

Mr. Dang Thanh Tam – Chairman of the BOD of Kinh Bac Corporation

According to Chairman Dang Thanh Tam, the Corporation has projects that have been prepared for many years. For example, Trang Due 3 project has been in preparation for 10 years. In Hai Phong, KBC also participates in large projects, coordinating with large financial and industrial complexes of the US and Europe. Along with urban projects, KBC's business results are expected by the Chairman of the BOD to have outstanding breakthroughs in the context that the Corporation already has customers.

The General Meeting unanimously approved the full text of the Minutes and Resolution of the 2024 Annual General Meeting of Shareholders. The General Meeting ended at 11:15 a.m on the same day.