Kinh Bac Urban Development Corporation JSC – Joint Stock Company (coded KBC on the Ho Chi Minh Stock Exchange) has just reported the results of its private placement of shares.
According to the plan, KBC offered to sell 250 million shares privately at VND 23,900 per share. However, by the end of the offering period, KBC had only sold 174,150,000 shares – of which, out of 11 pre-registered investors, only 6 investors submitted payment for 102.9 million shares, totaling more than VND 2,459 billion.
Notably, only VPBank Securities Company (VPBankS) purchased the registered amount of 20 million shares, while the remaining 5 investors bought only a portion of their registered amount. Related groups Dragon Capital and Prudential Vietnam did not purchase any shares, despite their initial registration.
For the remaining 147.1 million shares, KBC announced that they would continue the offering to professional domestic securities investors at a price of VND 23,900 per share. Thus far, 4 investors have registered to purchase 71,250,000 shares – namely, PVI Infrastructure Investment Fund registered to buy 50,000,000 shares, Nguyen Minh Trang registered for 10,000,000 shares, PVI Fund Management JSC registered for 1,250,000 shares, and VPBank Securities registered for 10,000,000 shares.
This leaves 75,850,000 shares unsold. The KBC Board of Directors has decided to cancel and terminate the offering for these remaining shares.
The unsold shares in this offering will be restricted from transfer for a period of 1 year from the end of the offering period.
As a result, KBC’s charter capital has increased from VND 7,676,047,590,000 to VND 9,417,547,590,000.
According to the previous plan, if the private placement of 250 million shares was successful, Kinh Bac would have increased its circulating shares from over 767.6 million to over 1.01 billion, equivalent to a charter capital of VND 10,176 billion.
It is worth noting that VCSC maintains a “buy” recommendation for Kinh Bac Urban Development Corporation (KBC) but has slightly lowered its target price by 1% to VND 36,100 per share, due to higher net debt as of Q1/2025 and lower-than-expected industrial land sales volume and average selling price (ASP). These factors are offset by VCSC’s updated forecast model to mid-2026 and the removal of dilution impact after excluding the private placement plan from the forecast model.
VCSC forecasts that post-minority interest profit after tax for 2025 will increase significantly by 266% YoY to VND 1.4 trillion, as they expect industrial land handover volume to reach 145 hectares (compared to a low base of about 33 hectares in 2024 and about 90 hectares in Q1/2025 alone), mainly from the sales and handover of Hung Yen Cluster Industrial Park (Hung Yen) and Trang Due 3 Industrial Park (Hai Phong) projects. In 2026, VCSC forecasts a 57% YoY increase in post-minority interest profit after tax, mainly due to sales and handovers at the Trang Cat Urban Area project, following the completion of land use fees in Q1/2025.
Additionally, VCSC has reduced its 2025/2026 post-minority interest profit after tax forecast by 18%/41%, mainly due to lower-than-expected industrial land and urban land handover volume in 2025/2026 amid challenges posed by recent US countervailing tax notifications and ongoing trade negotiations.
