Kinh Bac City Development Holding Corporation (KBC) on Tuesday announced its plan to buy back treasury shares worth VND200 billion (US$8.8 million). — Photo kinhbaccity.vn

Kinh Bac City Development Holding Corporation (KBC) on Tuesday announced its plan to buy back treasury shares worth VND200 billion (US$8.8 million).

The share buyback plan aims at reducing the proportion of outstanding shares and increasing the value of ownership for current shareholders.

According to company chairman Dang Thanh Tam, KBC can spend maximum VND475 billion to implement the share buyback plan.

Funding for the share buyback will be extracted from the firm’s share premium and undistributed post-tax profit based on the latest audited financial report.

The company is trading on the HCM Stock Exchange with code KBC. Its shares ended up 0.7 per cent at VND13,550 per share on Wednesday.

KBC posted after-tax profit of VND208 billion in the third quarter of 2016, an increase of 94 per cent from last year’s figure. After the first nine months of this year, the company’s post-tax profit rose 75 per cent year-on-year to VND628 billion, equal to 74 per cent of this year’s targeted result. — VNS