KSF organizes 2024 annual general meeting of shareholders on the morning of April 27th online. Capture screen
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Focus on developing technology
Mr. Do Anh Tuan – Chairman of the Board of Directors said that, in the past 3 years, the company has researched models about real estate project (RE) combining with technology development, the scale of the project is up to 2-3 thousand hectares being coastal cities, aiming at creating urban areas, focusing on training, education, research centers, and working offices.
“The Group clearly orients to focus on developing the technology sector, artificial intelligence technology, semiconductor technology is very suitable for Vietnamese people”, Mr. Tuan assessed.
However, according to Mr. Tuan, currently, the technology sector in Vietnam is lagging far behind other countries in the region and the world. On the other hand, this sector mainly focuses on human development. Recognizing the clear strategy, KSF will build a platform related to universities linked to faculties of technology and foreign partners to train in this field.
Specifically, KSF will start constructing the Sunshine Wonder Tower project (expected in May) which is a complex of 5 towers, from 39 to nearly 50 floors, this is a multifunctional complex that can provide research centers, working offices, serviced apartments.
“The orientation is that this is the center of Vietnamese start-ups, providing working offices, and the company will also invest in well-structured research centers. In the future, from 5-10 years from now, hundreds of thousands of engineers will be trained here, then the field of KSF can compete and develop.”, Mr. Tuan informed.
In addition, Mr. Tuan added that the origin of the group started from technology, currently in the group there is Unicloud Technology Group Joint Stock Company (KSF owns 78.48%) which is a subsidiary related to technology. Unicloud also mainly researches to focus on developing practical application software, especially financial software for securities companies.
“With the goal of developing in the financial sector, especially securities companies, the group takes technology as a pioneer and focuses on developing to create user experience applications, that is the main goal for development in the coming years”, Mr. Tuan said.
Real estate is just supplementary?
Talking about RE projects, the Chairman shared that, recently, KSF has been restructuring, reorganizing issues related to fields and tasks of member companies. Currently, KSF is the parent company of projects such as Golden River, Sky City project in HCMC with a scale of 11 towers and the upcoming Sunshine Wonder Tower project.
With these projects, the time to complete in the next 3 years requires a huge investment of about 35 thousand billion, with revenue of about 50 thousand billion. These are the main projects, especially the Sunshine Wonder Tower project. The Group will only focus on RE projects associated with the development of research center complexes, working offices and serviced apartments rather than RE products for sale, that is one of the clear orientations for developing the RE and corporate sector.
The company’s orientation in this sector is to attract not only Vietnamese people to study and work, but also has a strategy to attract foreign scientists, with the best working environment, attract talents, create technological products, for the best efficiency.
“Neighboring countries such as Singapore or South Korea, their start-ups can develop up to tens of billions of dollars. If we do not focus on developing systematically, from the stages of training, research, it is difficult to create products that can compete. That is the strategy that the auxiliary sectors such as RE, all will be focused on the technology sector”, Mr. Tuan expressed his ambition.
Want to acquire SCG?
Regarding the construction sector, Mr. Tuan said that with a construction scale completed in the next 3 years of up to 60 thousand billion VND. Therefore, in order to promote, speed up the progress and quality of the project and move towards developing support not only in the field of RE, technology, but the company also focuses on deploying infrastructure.
Therefore, KSF is currently negotiating to become a strategic shareholder or the parent company of SCG Construction Group Joint Stock Company (HNX: SCG) in the near future. At the same time, the company wants to cooperate with foreign partners to improve the quality of the company’s projects and works and complete on time the handover commitment to customers.
Record plan, implemented more than 50% of the profit plan after the first quarter
At the general meeting, KSF shareholders approved the record-breaking 2024 business plan with total revenue target of 3,000 billion VND and net profit of 575 billion VND, respectively 2.6 and 4.1 times higher than in 2023, the highest of the enterprise since the listing on HNX in 2021.
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Information about the business situation in the first quarter, Ms. Do Thi Dinh – Member of the Board of Directors and General Director said that, the results of the first quarter of 2024 achieved good results with revenue reaching 1,400 billion VND, profit of 333 billion VND and has implemented more than 50% of the whole year profit plan. Accordingly, KSF is confident that it will complete the target of the 2024 plan.
Want to divest entirely capital in the subsidiary, change the company’s name
KSF shareholders approved the transfer of all 32.5 million shares, accounting for 65% of the capital in S.I Development Joint Stock Company (subsidiary KSF) with an expected transfer value of nearly 660 billion VND, corresponding to 20,300 VND/share. The transfer time in 2024-2025.
The company’s management said that, to meet the needs of production, business and development goals, KSF plans to change the company’s name, email and website according to 2 options. With option 1, the company name will be changed to Sunshine Group Joint Stock Company or option 2 is Sunshine Group Development Joint Stock Company.
Source: KSF
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In addition, the general meeting also approved the extension of the time to receive transfer of the contributed capital of Smart Development Investment Joint Stock Company at Dynamic Innovation Co., Ltd., no later than December 31, 2025.
Previously, the 2021 annual general meeting of shareholders of KSF approved the receipt of the transfer of Smart Development’s contributed capital at Dynamic Innovation, with the value of the transferred contributed capital of over 3.6 thousand billion VND, accounting for 100% of Dynamic Innovation’s capital. Accordingly, the transfer price is over 3.76 billion VND, the latest time to receive the transfer is December 31, 2023.
As of June 30, 2021, KSF has transferred over 1.9 thousand billion VND to Smart Development, corresponding to 50.89% of capital at Dynamic Innovation. Accordingly, Dynamic Innovation has become a direct subsidiary of KSF since June 30, 2021.
