Amidst the fluctuating VN-Index, shares of VUA, issued by Stanley Brothers Securities Corporation (SBSI), have shown remarkable resilience with consecutive ceiling sessions. Closing the session on September 29th, VUA shares continued their third consecutive “purple” session, reaching a market price of VND 22,000 per share, the highest since the beginning of the month.
From the price range of over VND 10,000 at the start of the year to the present, VUA shares have doubled in value, with the market capitalization climbing to nearly VND 750 billion.
VUA share price hits VND 22,000 per share at the close of the September 29th session.
This impressive upward trend coincides with the upcoming Extraordinary General Meeting of Shareholders (EGM) scheduled for October 14th, 2025, in Hanoi.
A key agenda item at the meeting is the capital increase proposal. The Board of Directors (BOD) of SBSI will present a plan to issue up to 166.1 million shares through a private placement to professional securities investors.
The privately placed shares will be subject to a one-year transfer restriction. The offering price will be negotiated but must not be lower than the par value and the book value of VUA shares as per the latest audited/reviewed financial statements. The issuance is expected to take place in 2025 and 2026.
The company estimates that if the shares are issued at par value, it will raise VND 1,661 billion. The entire proceeds will be allocated to expand business operations, invest in information technology systems, and supplement capital for margin lending, proprietary trading, and underwriting activities. If successful, SBSI’s chartered capital could increase from VND 339 billion to VND 2,000 billion, a 5.9-fold increase.
In addition to the capital increase, the EGM will also address personnel changes. Specifically, SBSI will propose the removal of three BOD members—Mr. Luyen Quang Thang, Mr. Nguyen Quang Anh, and Mr. Pham Hoang Hai—and three members of the Supervisory Board—Mr. Do Duc Loc, Ms. Dinh Thi Lan Anh, and Ms. Le Thi Giang. All six individuals have previously submitted their resignations.
The company also proposes increasing the number of BOD members for the 2024–2029 term from three to five, including one independent member. The meeting will elect five BOD members and three Supervisory Board members for the remainder of the 2024–2029 term. The list of candidates has not yet been announced.
Significant changes in major shareholders, with MSB-related group taking control
Notably, the mass resignation of BOD and Supervisory Board members comes amid significant changes in SBSI’s shareholder structure. In a single trading session on August 12th, SBSI welcomed four major shareholders:
Nam Quang Infrastructure Investment and Development JSC acquired over 8.34 million VUA shares, increasing its stake to 24.63% of the capital. Gen Cons Vietnam Construction Investment JSC purchased 8.35 million VUA shares, raising its ownership to 24.64%.
Additionally, Thanh Vinh Real Estate Development JSC and VIPICO LLC acquired 6.56 million and 6.2 million VUA shares, respectively, increasing their stakes to 19.37% and 18.34%.
Collectively, this group holds nearly 29.5 million shares, equivalent to 87% of the chartered capital. According to transaction reports, none of these four entities held any VUA shares prior to this acquisition.
Remarkably, these new major shareholders are all affiliated with the Maritime Bank of Vietnam (MSB).
Nam Quang Infrastructure Investment and Development is known as a leading industrial park developer in Hai Duong (now Hai Phong), with notable projects including the Nam Sach Industrial Park (62.42 ha) and the Phuc Dien Industrial Park (82.88 ha). These projects are currently managed by TN Property Management, a subsidiary of Rox Key Holdings.
According to MSB’s disclosure of shareholders owning over 1% of its capital (updated based on VSDC data as of July 31, 2025, provided on August 1, 2025, and shareholder information as of August 11, 2025), Rox Key Holdings (a subsidiary of Rox Group) holds 39 million MSB shares (1.5%).
Another major SBSI shareholder, Gen Cons Vietnam, holds over 49.1 million MSB shares, equivalent to 1.89% of the bank’s capital.
Thanh Vinh Real Estate is known as the developer of the TNR Stars Thai Hoa project in the Long Son Urban Area, Thai Hoa Town, Nghe An Province. The company gained attention as a major shareholder of MSB, holding over 5% of the bank’s shares during 2022–2023, though it has since divested its entire stake.
Regarding business performance, Stanley Brothers has reported consecutive losses in 2023, 2024, and the first half of 2025. As of the end of Q2 2025, the company’s accumulated losses exceeded VND 81.1 billion. Total assets stood at nearly VND 262 billion, with deposits accounting for approximately VND 153 billion.
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