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Mutual fund Elite ups KBC stake

Update: February, 28/2015 - 09:24
HA NOI (VNS)— Mutual Fund Elite will raise its investment in Kinh Bac Urban City Development (KBC) to 6.4 per cent of the new charter capital.

In January, KBC offered VND1.2 trillion (US$56.3 million) worth of convertible bonds to six investors, including two foreign organisations and four domestic companies. The bonds were then converted into 80 million shares.

The fund is said to convert the bonds it purchased to nearly 16 million KBC shares to increase its holding in the company.

The price for converting the bonds was VND15,000 ($0.7) per share.

After the issuance, KBC experienced a charter-capital jump from VND4 trillion ($187.8 million) to VND4.8 trillion ($225.4 million). It will use the money to invest in construction projects and subsidiaries.

KBC's net profit in 2014 reached VND312.6 billion ($14.7 million), a three-fold rise over 2013.

Mutual Fund Elite is managed by Finland's . It is also investing in several listed companies, including Mobile World Group, and logistic company . — VNS

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