HPM is set to convene an extraordinary shareholders’ meeting to approve the acquisition of a 70-hectare land plot in Ninh Hòa town, Khánh Hòa province. The anticipated transaction value is 50 billion VND. The seller is Mr. Phạm Duy Tân, currently serving as Deputy General Director and Chief Accountant of the company.
According to documents presented to shareholders, this land was previously valued at 70 billion VND in a three-party business cooperation contract signed on November 20, 2025. Following negotiations, the owner agreed to switch to a direct sale, reducing the price to 50 billion VND due to the need for a one-time cash recovery.
The land is located in Ninh Hòa, an area where the demand for fill soil is described as surging due to the simultaneous implementation of multiple large infrastructure projects. These include the Khánh Hòa – Buôn Ma Thuột Expressway, the North-South Expressway, Vân Phong Economic Zone, and the Ninh Xuân Industrial-Urban-Service Complex spanning over 2,300 hectares.
The land is approximately 3 km from the North-South Expressway, 10 km from the Buôn Ma Thuột – Vân Phong route, and 35 km from the Vân Phong Economic Zone. Its average elevation is around 238 meters above sea level.
HPM estimates the fill soil reserves at approximately 21 million cubic meters, meeting technical standards suitable for large-scale transportation infrastructure and land leveling projects. The three land-use certificates constituting the land are all for production forests, with usage rights until July 2064, totaling approximately 70 hectares.
 HPM plans to acquire 70 hectares of land in Khánh Hòa for fill soil exploitation, citing a tight supply outlook (Illustrative image)
|
Beyond fill soil, the company notes that the land falls within the scope of a strategic mineral resource investigation project, as per a document issued by a specialized agency in September 2025. Preliminary surveys indicate a potential mineral layer at a depth of approximately 1.5 meters, with an average thickness of about 0.5 meters.
In the event the state initiates strategic mineral exploitation in the future, the documents outline a cooperation plan between the state and the company. Post-exploitation, the land would continue to be used for fill soil extraction.
HPM also mentions that the land’s legal and current status files, including forest management plans and eco-tourism project orientations, are being finalized. The company believes these preparations will expedite exploration procedures and mining license applications.
Alongside the investment proposal, HPM is seeking shareholder approval to revoke its public company status. The reason cited is that the company no longer meets the conditions regarding the number of shareholders and the percentage of shares held by minority shareholders, as per the 2019 Securities Law.
At the time of review, HPM recorded 115 shareholders on its list but only 65 actual shareholders. The percentage of shares held by minority shareholders currently stands at 8.36%, below the minimum threshold of 10%.
As the company prepares to exit the public market, another development has been noted in its ownership structure. On December 26, 2025, Mr. Phạm Duy Tân purchased an additional 152,000 HPM shares, increasing his ownership stake from 12% to 16%.
HPM was established in 2008 with an initial charter capital of 8 billion VND, primarily operating in mineral exploitation in Lạng Sơn. The company was listed on HNX from late 2015 before being delisted and transferred to UPCoM in mid-2023.
HPM’s business performance has been inconsistent over the years. Its main asset, the Lũng Cùng quarry, was suspended from 2020 and only resumed operations in Q4 2023.
| HPM faces poor business performance due to the suspension of its main quarry |
The 2023 audited financial statements recorded revenue of nearly 6 billion VND and a profit of over 646 million VND. Total assets at year-end stood at 62 billion VND, with equity of over 38 billion VND. In the previous year, the company recorded a surge in revenue of over 90 billion VND from the sale of medical supplies.
The 2023 financial statements received multiple disclaimers from auditors, related to large unreconcilied receivables, overdue tax liabilities exceeding 7 billion VND, invoice coercion, and incomplete recognition of environmental restoration obligations at the quarry.
During the suspension of limestone quarry operations, HPM’s shareholder structure saw significant changes, with the founding family gradually reducing their ownership stake.
In 2024, as operations resumed, the newly appointed Board of Directors approved a plan to privately issue 10 million shares to professional investors at 10,000 VND per share to raise capital. Mr. Phạm Duy Tân was among the registered buyers, planning to invest approximately 12 billion VND to acquire an additional 1.2 million HPM shares. However, based on his current holdings and ownership percentage after the late 2025 transaction, it appears this plan has not yet been executed.
– 16:28 15/01/2026
Revitalizing Connectivity: The Hoang Cau – Voi Phuc Section of Ring Road 1
This morning (January 14th), the Hoang Cau – Voi Phuc section of Hanoi’s Ring Road 1 project officially opened to technical traffic. According to the Hanoi Civil Construction Investment Project Management Board (the investor), this milestone marks the project’s transition to the final stage of completing the road as per the approved plan.
Technical Opening of the Ring Road 1 Section from Hoàng Cầu to Voi Phục
This morning (January 14th), the Hoang Cau – Voi Phuc section of Hanoi’s Ring Road 1 project officially opened to technical traffic. According to the Hanoi Civil Construction Investment Project Management Board (the investor), this technical opening marks the project’s transition to the final stage of completing the road as per the approved plan.
Urgent Land Reclamation for Hanoi Project: Residents Eager for Resettlement Updates
The residents of Yên Hòa Ward express strong support for the implementation of the Ring Road 2.5 project within their area. However, they eagerly await detailed information regarding the resettlement policy and designated relocation sites.
Up Close: The $9.5 Million ‘Dead-End’ Road Connecting to Rice Fields in Thai Nguyen
The 220 billion VND road connecting National Highway 37 to Provincial Road 269B was envisioned as a catalyst for development in southern Thai Nguyen province. However, its potential remains untapped as it currently functions as a dead-end road due to a lack of connecting infrastructure.
“Resale” of 39-39B Bến Vân Đồn Project Nets Nguyễn Thị Như Loan Over 297 Billion VND in Profits
Uncover the shocking story of how former CEO of the Rubber Corporation, Tran Ngoc Thuan, was bribed with two suitcases of cash at his residence, all in connection with the land transfer of 39-39B Ben Van Don.
