Last week, the VN-Index dropped by 8.64 points to close at 1,658.62. Market liquidity significantly decreased, with total trading value across the market reaching VND 168.366 trillion, a 9% decline compared to the previous week. Similarly, the HNX-Index ended the week at 276.24 points, down 0.27 points from the prior week.
On the HoSE, foreign investors net-sold over 153 million shares, with a net value of nearly VND 5.724 trillion. On the HNX, foreign investors net-sold for five consecutive sessions, totaling 16.7 million shares, with a net value of over VND 472 billion.
On the Upcom market, foreign investors net-sold 9.9 million shares, with a net value of over VND 305 billion. Overall, during the trading week from September 15-19, foreign investors net-sold more than 180 million shares across the market, with a total net value of over VND 6.501 trillion.
Consecutive Cancellations
The Industrial Investment and Development Corporation (Becamex IDC – stock code: BCM) will not proceed with the public offering of 150 million shares after canceling a previous plan to offer 300 million shares earlier this year.
Becamex IDC cancels the public offering of 150 million shares.
Accordingly, Becamex IDC conducted a written shareholder vote. For the proposal on the public share offering plan, only 128 votes representing 2.85% of the charter capital were in favor, while 6 votes representing 95.44% of the charter capital had no opinion. Thus, the proposal for the public share offering plan was not approved.
Previously, Becamex IDC proposed to shareholders a public offering of 150 million shares through a public auction on the Ho Chi Minh City Stock Exchange (HoSE). The starting price was authorized to the Board of Directors to decide, not lower than VND 50,000 per share.
Becamex IDC planned to raise a minimum of VND 7.5 trillion. The funds were intended for VND 2 trillion to invest in the infrastructure of Cay Truong Industrial Park, VND 500 billion for the Bau Bang expanded industrial park project, VND 3.33 trillion to contribute capital to existing companies, and the remaining VND 1.67 trillion to repay principal and interest on loans or bonds due.
Earlier this year, Becamex IDC planned to offer 300 million shares through an auction on HoSE with a starting price of VND 69,600 per share, scheduled for April 28. However, due to market impacts from U.S. countervailing duties, the auction was postponed.
If successful, the auction could have raised at least VND 20.88 trillion, making it the largest auction in the history of Vietnam’s stock market, surpassing Vietcombank’s 2007 auction, which raised over VND 10.5 trillion.
Seaprodex
Changes Major Shareholders
Vietnam Seafood Corporation (Seaprodex – stock code: SEA) experienced leadership changes as Red Investment Fund Management Company and Gelex Group sold significant shares and ceased to be major shareholders.
Specifically, on September 15, Seaprodex received resignation letters from Board of Directors members Ms. Do Thi Phuong Lan and Mr. Le Trung Hieu, effective September 12, and from the Supervisory Board member Ms. Pham Thi Lan Huong, also effective September 12.
Seaprodex experiences senior leadership changes following major shareholder shifts.
Ms. Do Thi Phuong Lan and Ms. Pham Thi Lan Huong stated that continuing their roles would no longer align with the company’s evolving direction, alongside personal reasons. Mr. Le Trung Hieu cited personal reasons for his resignation.
Recently, S.S.G Group acquired 14,903,200 SEA shares, increasing its ownership from 0% to 11.92% of SEA’s charter capital on August 22, becoming a major shareholder.
Conversely, from August 14-22, Red Investment Fund Management Company, affiliated with Ms. Do Thi Phuong Lan, sold all 18 million SEA shares, reducing its ownership to 0%.
On August 22, Gelex Group (stock code: GEX) sold 8,876,400 SEA shares, reducing its ownership to 2.42% and ceasing to be a major shareholder.
As of June 30, Seaprodex’s major shareholders were SCIC (63.4%), Red Investment Fund Management Company (14.4%), and Gelex Group (9.5%), with the remaining 12.7% held by other shareholders.
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