In a report sent to the State Securities Commission on December 25, Mr. Dang Thanh Tam, Chairman of the Board of Directors of Kinh Bac Urban Development Corporation (code: KBC) said that the plan to transfer more than 86 million KBC shares, worth more than VND 2,400 billion, to DTT Investment and Development Joint Stock Company could not be implemented because "the procedures at the competent authority have not been completed".
Previously, Mr. Dang Thanh Tam registered to transfer 86.55 million KBC shares in the period from November 25 to December 24, 2024. The transaction aims to reduce the direct ownership ratio from more than 138.66 million shares (equivalent to 18.06% of KBC's charter capital) to 52.11 million shares (equivalent to 6.79%).
Unable to complete the transaction as planned, Mr. Tam continued to register to re-transfer. According to the new plan, the transaction period will last from January 2, 2025 to January 28, 2025.
If the deal is successful, DTT Investment and Development Joint Stock Company will become a major shareholder with an ownership ratio of 11.27%. At the same time, Mr. Tam will reduce his direct personal ownership ratio to 6.79%.
On the market, KBC shares fell sharply on December 26. At 1:16 p.m., KBC's market price was VND27,550/share, down VND600/share, equivalent to a 2.1% decrease compared to the reference price. At this price, it is estimated that the shares transferred by Mr. Tam are worth more than VND2,369 billion.
Previously, KBC shares had a period of positive price increase thanks to a cooperation deal with a large corporation from the United States. However, recently, this stock price has shown signs of adjustment, reflecting market sentiment in the context of no new supporting information.
