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Sunday, November 27, 2022

KBC gets nod to expand Quang Chau IP

The Saigon Times

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HCMC – Saigon-Bac Giang Industrial Park JSC, a subsidiary of Kinh Bac City Development Holding Corporation (stock code KBC on the Hochiminh Stock Exchange), has got approval to expand the Quang Chau industrial park.

Under the decision signed by the prime minister on November 4, the industrial park in Bac Giang Province will be expanded by 90 hectares at a cost of some VND1 trillion.

After the expansion, the industrial park will cover 516 hectares. The park has attracted 41 projects, with 37 of them foreign-invested and four locally-invested , with total pledged capital of US$2.8 billion. These projects employ 67,000 workers.

Investors have registered to rent over 90% of the projected expansion area of the Quang Chau IP. In August, Foxconn cut a deal with Saigon-Bac Giang JSC to lease 50.5 hectares of land in the park to develop a factory to manufacture Apple products with a total investment of over US$300 million.

KBC earned VND203 billion in revenue in the third quarter of 2022, down 37% year-on-year.

At the close today, November 8, KBC inched down 0.6%, but came second by liquidity on the HCMC exchange with a matching volume of over 23 million shares.

On the HCMC bourse, the VN-Index reversed course to end up 6.46 points, or 0.66%, from the session earlier, at 981.65, driven by strong gains of largecaps. There were 209 advancers and 232 decliners. Over 660.7 million shares worth VND10.4 trillion changed hands.

In the VN30 basket, 23 stocks closed in positive territory and the remaining seven lost. Electricity firm POW shot up to its daily upper limit and reported a matching volume of 10.9 million shares.

Many bank stocks such as VCB, STB, BID, SHB and ACB advanced strongly.

Steelmaker HPG lost, but took the lead on bourse by liquidity with 46.3 million shares changing hands.

The Hanoi Stock Exchange closed on an upbeat note as the HNX-Index gained 1.21 points, or 0.61%, against the previous session, at 199.77, supported by large-cap stocks.

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