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Developer taps bond underwriter
Kinh Bac Urban Development Co. will use VietinBank as the underwriter of its corporate bond issue, pursuant to an agreement signed on Tuesday.
The company will begin selling the five-year bonds on May 8, with the sale open to individual and institutional investors nationwide.
The bond issue was expected to help Kinh Bac raise VND700 billion (US$39.3 million) for key projects thbis year, including an expansion of Que Vo Industrial Park and construction of the Phuoc Ninh new residential area in the northern province of Bac Ninh.
"This bond issue is part of our plan to develop the group’s major business of property development. We want to focus on our major line of business to protect the interests of our shareholders during this difficult year," said a representative of Kinh Bac.
The company was also concentrating on priorities in the Government stimulus package, including low-priced housing for industrial zone workers and infrastructure construction. Kinh Bac was also developing industrial zones and complexes in the surburbs of Ha Noi.
The company’s management board has targeted earnings this year of VND809 billion (US$45 million) and net profits of VND316 billion ($17.6 million).
KBC shares yesterday hit their ceiling price and closed up 7 per cent on the day to VND42,800 per share.
vietnamnet, vietnamnews
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