Khang Điền House sells over 20m shares to Dragon Capital

Verosa Park project in District 9, HCM City. — Photo khangdien.com.vn

HÀ NỘI —Khang Điền House Trading and Investment (KDH) has announced the results of its recent private placement of shares.

The property developer offered over 110 million shares to investors on July 29, collecting VNĐ3 trillion (US$119.3 million), or VNĐ 27,250 per share. Domestic investors purchased 79.3 million shares, while foreign investors bought 30.8 million shares. KDH shares were traded at VNĐ 35,350 a share at 1.35pm yesterday. 

The Dragon Capital group has reported purchasing a total of VNĐ20 million KDH shares, thereby increasing its ownership stake to 9.16 per cent, equivalent to 83.3 million shares.

Tiến Lộc Investment JSC, the largest shareholder of Khang Điền House, also bought 17.6 million shares on July 24, raising its ownership to 104.2 million shares, equivalent to 10.83 per cent of the company’s capital.

Following this capital increase, Khang Điền House’s charter capital has risen from nearly VNĐ8 trillion to VNĐ9.09 trillion. The additional funds will be used to repay the company’s debts.

In its financial results for the first six months of the year, the company’s net revenue reached nearly VNĐ978.5 billion, down 2.8 per cent year-on-year, while profit after tax declined 24.7 per cent to VNĐ344 billion. 

The performance was mainly driven by the handover of around 180 low-rise apartments at the Classia project, with over 95 per cent handed over by the end of the second quarter and the restructuring of certain individual land plots.

This year, Khang Điền has set targets of VNĐ3.9 trillion in revenue and VNĐ790 billion in net profit. This means the company has achieved 43.6 per cent of its annual profit plan.

In the second half of 2024, Vietcap Securities JSC (VCSC) expects Khang Điền to begin handovers of the Privia project, which has 1,040 total apartments that are one hundred per cent pre-sold.  

VCSC anticipates the company will launch their 11.8-hectare joint venture project with Keppel, called Emeria & Clarita, where a portion of the low-rise component is nearing completion. — VNS