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Saturday, January 28, 2023

KBC plans to buy back 100 million shares

The Saigon Times

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HCMC – Kinh Bac City Development Holding Corporation, which trades its KBC shares on the Hochiminh Stock Exchange, will hold the second extraordinary shareholder meeting on December 28 to pass a plan to buy back 100 million shares.

At the meeting, the firm will seek to cancel its previous plan of issuing shares this year to raise chartered capital due to existing stock exchange uncertainties. Instead, the firm will buy back its shares at no higher than VND34,000 per share.

The real estate developer is set to pay a 2022 cash dividend of 20% to its existing shareholders. Each shareholder will receive VND2,000 for each KBC share held. The payment date will be scheduled for 2023.

In 2023, KBC looks to book VND9 trillion in revenue and VND4 trillion in after-tax profit, down 8% and 11%, respectively, against the 2022 targets.

KBC closed up over 2% today, December 9, extending its winning streak for a second straight session.

On the HCMC bourse, the VN-Index maintained its upward spiral, gaining 1.28 points, or 0.12%, from the session earlier, at 1,051.81, with 221 advancers and 215 decliners. Over 788 million shares worth VND13 trillion changed hands, down 15% in volume and 16% in value against the previous session.

In the VN30 basket, low-cost carrier VJC reported the sharpest rise at 4.2%.

Real estate developer NVL continued to end at its floor price, but took the lead by liquidity on bourse with 56 million shares changing hands. Other housing firms, VIC and VHM, dipped by 3% and 2.3%, respectively.

Many bank stocks made strong gains, with EIB closing up to its upper limit.

The Hanoi exchange closed the day on an upbeat note, with the HNX-Index adding 1.62 points, or 0.75%, from the previous session, at 217, driven by many bluechips.

Construction firm CEO shot up to its ceiling price and became the most actively traded stock with a matching volume of 21.6 million shares.

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