Red Capital and Gelex Group Divest from Seaprodex
Investment Fund Management Joint Stock Company Red Capital (Red Capital) has recently divested its entire stake in the Vietnam Seafood Corporation (Seaprodex) by selling 18 million shares, equivalent to 14.4% of Seaprodex’s charter capital. The transaction was executed through a matched order from August 14 to August 22. Following this transaction, Red Capital no longer holds any shares in Seaprodex.
It is worth noting that Ms. Do Thi Phuong Lan, a member of the Board of Directors and General Director of Red Capital, concurrently serves as a member of the Board of Directors of Seaprodex.
Red Capital had acquired these 18 million shares of Seaprodex on August 6, 2024, when the closing price of Seaprodex shares was recorded at VND 28,710 per share.
During the period from August 14 to August 22, the average market price of Seaprodex shares was VND 42,185 per share. It is estimated that Red Capital generated approximately VND 760 billion from this divestment.
Seaprodex owns prime real estate at 2-4-6 Dong Khoi, Saigon Ward, Ho Chi Minh City
Recently, Gelex Group Joint Stock Company (GEX) also announced that it is no longer a major shareholder of Seaprodex. Gelex sold 8.88 million shares of Seaprodex on August 22, reducing its ownership from 11.89 million shares, or 9.52%, to 3.02 million shares, representing 2.42% of Seaprodex’s charter capital. As a result, Gelex is no longer a major shareholder of the company.
Gelex became a major shareholder of Seaprodex on December 17, 2024, when it purchased 5.898 million shares, increasing its holdings to 11.898 million shares, equivalent to 9.52% of the company’s capital. This level of ownership has been maintained over the past nine months.
SSG Group Emerges as a New Major Shareholder
On the other hand, S.S.G Corporation (SSG Group) has become a new major shareholder of Seaprodex after acquiring 14.9 million shares in the company during the session on August 22. Following this transaction, SSG Group’s ownership in Seaprodex increased from zero to 11.92%.
On August 22, there were 11,400 Seaprodex shares matched in the market, and 14.9 million shares were traded through a matched order, with a total transaction value of VND 507.16 billion, equivalent to VND 34,000 per share.
It is estimated that Gelex generated approximately VND 300 billion from this divestment, while SSG Group invested a similar amount to become a major shareholder of Seaprodex.
As of June 30, 2025, the largest shareholder of Seaprodex was the State Capital Investment Corporation (SCIC), holding 63.38% of its charter capital.
Regarding SSG Group, the company was established in 2003 with seven founding shareholders. The main shareholder group included Ms. Hua Thi Phan and some of her confidants who were once linked to the Ha Van Tham – Pham Cong Danh case.
Following this case, in 2016, Ms. Hua Thi Phan withdrew from the Board of Directors of SSG Group. Since then, the structure of the group’s shareholders has remained a mystery.
In July 2023, SSG Group registered to establish a new legal entity that was separated from the group of shareholders holding 28.96% of the group’s capital. The new entity is named Ngoc Viet Group Joint Stock Company, with a charter capital of VND 389.6 billion, and Mr. Dinh Ngoc Ninh serving as its Chairman of the Board of Directors.
After the establishment of the new entity, SSG Group’s charter capital stood at VND 710.3 billion. Mr. Dang Viet Dung is the Chairman of the Board of Directors, and Ms. Nguyen Thi Nhu Mai is the General Director of the Group.
According to its website, SSG Group currently comprises dozens of member companies primarily engaged in the fields of real estate and education.
In the real estate sector, SSG Group is known for its prominent projects such as My Dinh Pearl Complex, Saigon Pearl High-End Residential Area, Saigon Airport Plaza, SSG Tower, and OPAL Building.
SSG Group has also invested in industrial real estate by becoming a strategic investor in Idico Corporation – Joint Stock Company (IDC) since 2018. As of the end of the second quarter of 2025, SSG Group directly held 74.25 million IDC shares, equivalent to a 22.5% stake.
In the field of education, SSG Group owns the Wellspring International School system, with branches in both Hanoi and Ho Chi Minh City.
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