Xuan Mai Investment and Construction Joint Stock Company (Xuan Mai Corp, stock code: XMC) has announced that its Chairman, Mr. Bui Khac Son, has registered to sell his entire holding of 14.27 million XMC shares, equivalent to 19.99% of the company’s charter capital.
The transaction is expected to be executed via agreement from December 2, 2025, to December 31, 2025, with the purpose of reducing his ownership ratio.
Mr. Bui Khac Son, born in 1967, has served as the Chairman of Xuan Mai Corp since late 2013. He also held the position of CEO and Chairman of Xuan Mai Electromechanical from 2015, a company within the Xuan Mai Corp ecosystem.
Source: The company’s 2024 Annual Report.
On the stock market, XMC shares closed at VND 8,700 per share on November 26. The value of Mr. Son’s holdings is estimated at approximately VND 124 billion.
These shares will be transferred to Mr. Nguyen Duc Cu, former Vice Chairman of Xuan Mai Corp from April 2019 to April 2024.
Previously, the company issued a resolution seeking shareholder approval for a plan allowing Mr. Nguyen Duc Cu, an individual investor, to purchase or acquire a significant number of XMC shares, resulting in his ownership and that of related parties exceeding 25% of the company’s charter capital without requiring a public tender offer.
Additionally, Mr. Hoang Tien Dung, another investor, will transfer over 1.77 million shares (2.48% of capital) to Mr. Cu.
Currently, Mr. Cu does not hold any shares, but his related party, Ms. Nguyen Minh Trang (daughter), owns over 17.78 million shares, equivalent to 24.91% of the capital.
According to the plan presented to shareholders, Mr. Cu is expected to purchase or acquire nearly 16.05 million XMC shares, equivalent to 22.48% of the charter capital. After the transaction, the total holdings of Mr. Cu and related parties will increase to over 33.83 million shares, equivalent to 47.38% of the charter capital.
Regarding business results, in the first 9 months of 2025, Xuan Mai Corp recorded net revenue of VND 1,453 billion, a 14.3% increase compared to the same period last year. After-tax profit reached VND 12.3 billion, more than five times higher than in 2024. From 2021 to the present, both revenue and profit of Xuan Mai Corp have significantly declined.
At the 2025 Annual General Meeting, in response to shareholder inquiries, the management provided updates on project progress and debt resolution.
Regarding the old apartment renovation project in Ha Dong: The company has been involved since 2016 and has completed research and planning. However, due to various procedural hurdles, there has been no progress. The leadership acknowledged, “Renovating old apartments is a Hanoi specialty, but it’s not edible.”
For the structural component warehouse project in Chu Son, due to a change in planning from an industrial zone to an eco-urban area, implementation has been delayed until next year.
As for debt recovery, most of the debt is old, and some amounts have been addressed. For the Paragon project, the company has sold 171 apartments to offset debts, and the remaining amount is secured by the project’s basement, with resolution expected in the near future.
In November, XuanMaiCorp held a topping-out ceremony for the TT-01 building of the Yen Binh Complex project in Pho Yen, Thai Nguyen.
