KinhBac City Development Holding Corporation agreed to acquire additional 25% stake in Hung Yen Investment and Development Group Joint Stock Company from Saigon Telecommunication & Technologies Corporation.

KinhBac City Development Holding Corporation (HOSE:KBC) agreed to acquire additional 25% stake in Hung Yen Investment and Development Group Joint Stock Company from Saigon Telecommunication & Technologies Corporation (HOSE:SGT) on December 29, 2022. As part of transaction, KinhBac City Development Holding will acquire 45 million shares. After the completion of transaction, KinhBac City Development will hold 85% stake in Hung Yen Investment and Development.

KinhBac City Development board approved the transaction. The transaction is expected to complete on December 31, 2022.