Sonadezi Joint Stock Company (Sonadezi, Stock Code: SNZ, UPCoM) has recently issued an unusual disclosure, announcing that the company no longer meets the criteria to be classified as a public company.
According to the shareholder list compiled by the Vietnam Securities Depository and Clearing Corporation (VSDC) – Ho Chi Minh City Branch on October 8, 2025, Sonadezi has 470 shareholders.
Among these, the largest shareholder is the People’s Committee of Dong Nai Province, holding 99.54% of the total voting shares. The remaining 469 shareholders collectively own 0.46% of the charter capital, including 8,200 treasury shares held by Sonadezi.
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As a result, Sonadezi fails to meet the public company criteria outlined in Point a, Clause 1, Article 32 of the Securities Law No. 54/2019/QH14 dated November 26, 2019, as amended by Point a, Clause 11, Article 1 of Law No. 56/2024/QH15 dated November 29, 2024. Specifically, the company does not have a minimum of 10% of voting shares held by at least 100 investors who are not major shareholders.
Based on Decision No. 22/2021/QĐ-TTg dated July 2, 2021, the Prime Minister issued Decision No. 1479/QĐ-TTg on November 29, 2022, approving the plan for the restructuring of state-owned enterprises and enterprises with state capital for the 2022-2025 period. Accordingly, the state will maintain its 99.54% ownership in Sonadezi until 2025.
Currently, the People’s Committee of Dong Nai Province and the Prime Minister are reviewing and deciding on the roadmap for restructuring state capital in the enterprise during the next phase, including Sonadezi.
Regarding business performance, in the first nine months of 2025, Sonadezi recorded net revenue of over VND 5,066.7 billion, a 20.9% increase compared to the same period in 2024. After-tax profit reached nearly VND 1,670.4 billion, up 39.4% year-on-year.
As of September 30, 2025, Sonadezi’s total assets increased by 4.9% from the beginning of the year to over VND 22,150.5 billion. Inventory stood at over VND 2,241.7 billion, accounting for 10.1% of total assets, while construction in progress amounted to nearly VND 5,379.9 billion, representing 24.3% of total assets.
On the liabilities side, total payables reached over VND 10,623.3 billion, a 4.1% increase from the beginning of the year. Short-term and long-term loans totaled nearly VND 3,689.9 billion, making up 34.7% of total liabilities.
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