If the deal is completed, Thủy Sinh Real Estate will become a direct subsidiary of Khang Điền, with a 99.96% ownership stake.
Thủy Sinh Real Estate is known for developing the Thủy Sinh – Phú Hữu project (commercially known as The Classia Khang Điền, formerly Thành Phố Xanh). The 4.3-hectare project is located on Võ Chí Công Street, in the face of Hữu Phú Ward, Thủ Đức City, and is adjacent to Mega Ruby, Mega Residence, Lucasta, and Villa Park projects. To fund this project, in 2022, Khang Điền issued VND 400 billion worth of bonds injected into this subsidiary.
 The Classia Khang Điền project – Actual image
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Thủy Sinh Real Estate Joint Stock Company was established on May 30, 2013, with its headquarters at Room 1B, 12th Floor, Saigon Centre, 67 Lê Lợi, Bến Nghé Ward, District 1, Ho Chi Minh City. In 2020, Khang Điền’s Board of Directors approved Vi La’s contribution of VND 360 billion to Thủy Sinh Real Estate to increase its charter capital to VND 600 billion, which has been maintained until now. Currently, Mr. Phạm Hồng Phú (born in 1972) is the Director and Legal Representative of Thủy Sinh Real Estate. In addition, Mr. Phú also serves as the legal representative of several other subsidiaries of Khang Điền, including Saphire Real Estate Investment and Business Company Limited, Nam Phú Real Estate Development Company Limited, Bình Trưng Real Estate Investment and Business Company Limited, and Địa Ốc Gia Phước Real Estate Investment and Business Company Limited. |
In parallel, Khang Điền will dissolve Vi La Joint Stock Company as per regulations. Notably, since 2022, this real estate developer has continuously dissolved a series of subsidiaries amid business challenges.
As of September 30, 2024, Khang Điền had 14 direct subsidiaries and 13 indirectly held subsidiaries consolidated into its financial statements.
KDH dissolves two subsidiaries with a total charter capital of VND 240 billion
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Vi La Joint Stock Company was established on September 21, 2010, with its headquarters at VietOffice Building, 14 Trương Quyền, Võ Thị Sáu Ward, District 3, Ho Chi Minh City. After four capital increases, Vi La’s charter capital currently stands at VND 760 billion, more than 15 times the initial capital of VND 50 billion. Khang Điền owns 99.47% of Vi La (equivalent to a capital contribution of VND 756 billion). Mr. Trần Đức Thắng (born in 1977) is currently the Chairman of the Board of Directors and Legal Representative of Vi La. |
In the third quarter of 2024, Khang Điền recorded revenue of over VND 252.5 billion and a net profit of VND 70.4 billion, decreasing by 59% and 66%, respectively, compared to the same period last year, mainly due to a decrease in gross profit margin. For the first nine months of the year, net profit decreased by 37% to VND 412 billion, achieving 52% of the annual profit target.
| Khang Điền’s quarterly business results for 2021-2024 |
In the stock market, KDH shares decreased by 0.3% to VND 32,950 per share in the morning session of November 29, but were up 15% compared to a year ago.
| KDH share price movement over the past year |
A VinaCapital Fund Fails to Sell Off 2.4 Million Registered KDH Shares
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“VinaCapital Fund Sells Over 1 Million KDH Shares”
Vietnam Ventures Limited, a member of the VinaCapital group, has announced the sale of over 1 million shares of Khang Dien House Trading and Investment Joint Stock Company (HOSE: KDH). This move continues the downward trend in ownership witnessed over the past period.
