AFC VF Limited, a foreign fund from the Cayman Islands, has just reported that it is no longer a major shareholder in Ha Xanh Automobile Services Joint Stock Company (Haxaco), with its holdings falling below 5% of HAX shares.
On August 5, 2025, AFC VF Limited sold 480,000 HAX shares, reducing its ownership from over 5.47 million to 4.99 million shares. This took their stake in the company from 5.09% to 4.64%, thus exiting their position as a major shareholder in Haxaco.
Based on the closing price of HAX shares on August 5, 2025, which was 15,450 VND per share, the foreign fund is estimated to have pocketed over 7.4 billion VND from this sale.
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In related news, on July 29, 2025, the Finnish fund Pyn Elite Fund (Non-Ucits) also sold 600,000 HAX shares, reducing its ownership in Haxaco to 10.54%.
In other developments, Haxaco recently announced that the auction for a plot of land on Vo Van Kiet Street, An Lac Ward, Binh Tan District, Ho Chi Minh City, with a total area of 6,282.6 sq. m, was unsuccessful.
The minimum transfer price for the land lot was set at 1,130.8 billion VND, equivalent to 180 million VND per square meter. However, by the deadline of 5:00 PM on July 31, 2025, no customers had purchased the auction documents or made the required deposits.
As a result, the land lot will be put up for auction again on August 5, 2025.
In its consolidated financial statements for the second quarter of 2025, Haxaco recognized 542.2 billion VND in value from the transfer of the land use rights for this lot.
It is worth noting that the initial area of the land lot was 5,798.1 sq. m, which Haxaco acquired from N&T Investment Joint Stock Company and Mr. Bui Trung Quan in 2022 for a maximum price of 470 billion VND. The company’s goal was to develop a complex for car business, offices, and luxury apartments.
Subsequently, in November 2024, the company expanded its land bank by purchasing an additional adjacent land plot of 484.5 sq. m from Mr. Do Tien Dung, the Chairman of the company’s Board of Directors, for nearly 72.7 billion VND.
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