On December 14, the KBC Board of Directors approved the use of its entire investment capital contribution at Trang Cat Urban Development One-Member Co., Ltd. (TCC), amounting to VND 12,681 billion (representing 100% of TCC’s capital), as collateral to secure the repayment obligations of loans related to TCC’s Trang Cat urban and service area development project at VPB – Vietnam Prosperity Joint-Stock Commercial Bank (HOSE: VPB).
Additionally, the KBC Board of Directors also approved the utilization of 15 million shares owned by KBC in Sai Gon Tay Bac Urban Development Joint Stock Company (SCD) as collateral for TCC’s debt obligations at VPB.
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As of the end of 2023, Sai Gon Tay Bac Urban Development Joint Stock Company had a charter capital of VND 750 billion, with KBC holding 74.3% of the voting rights in this subsidiary. In a recent update on October 10, SCD significantly increased its capital to VND 1,181 billion to meet the investment requirements for the Loc Giang Industrial Park, which is managed by SCD. |
The guarantee period is calculated from the date of loan origination until the completion of all repayment obligations.
TCC is the investor of the Trang Cat urban and service area development project, spanning an area of nearly 585 hectares. The project has received land handover, approval for land leveling, and compensation for 581.9 hectares. Approximately 80 hectares have been leveled, and land use fees have been substantially paid for the entire project. A tunnel connecting the Hanoi – Hai Phong highway to the project has also been constructed. The total accumulated investment value as of the end of 2023 amounted to over VND 8,657 billion, reflecting a 4% increase compared to 2022.
In the first quarter of 2024, KBC received a deposit of VND 5,650 billion from Sai Gon Ham Tan Tourism Joint Stock Company to secure the signing and performance of a real estate brokerage service contract for 40 hectares within the Trang Cat urban area project.
Conceptual rendering of the Trang Cat urban and service area project. Source: KBC
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The Trang Cat urban area project was approved for master planning by the Hai Phong People’s Committee in 2010, encompassing a total land area of nearly 585 hectares, with the Trang Cat Urban Development One-Member Co., Ltd. designated as the investor. However, the project experienced delays until 2021 when it received investment approval from the Hai Phong People’s Committee. By the end of 2022, Kinh Bac City Development Holdings Corporation had been handed over nearly 582 hectares out of the total 585 hectares of project land, and the Company had completed the payment of land use fees.
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