Four New Major Shareholders Emerge at Stanley Brothers
Recently, Real Estate Thanh Vinh Joint Stock Company (BĐS Thanh Vinh) submitted a report to the State Securities Commission of Vietnam (SSC), Hanoi Stock Exchange (HNX), and Stanley Brothers Securities Joint Stock Company (Stanley Brothers, code: VUA) regarding the date of becoming a major shareholder, holding 5% or more of the shares.
Accordingly, on August 12, 2025, BĐS Thanh Vinh purchased nearly 6.6 million VUA shares, thereby increasing its ownership from 0% to 19.366% of Stanley Brothers’ capital.
On the same day, Nam Quang Infrastructure Investment and Development Joint Stock Company, Vipico One Member Limited Liability Company, and Gen Cons Vietnam Investment and Construction Joint Stock Company also bought a large amount of VUA shares, thereby increasing their ownership in Stanley Brothers to 24.672%, 18.342%, and 24.64%, respectively.
These four entities hold a total of 29.4 million VUA shares, equivalent to 86.97% of Stanley Brothers’ charter capital. Previously, all four companies did not hold any VUA shares.
Notably, all four new major shareholders of Stanley Brothers Securities have close ties to Rox Group, led by businesswoman Nguyen Thi Nguyet Huong.
The Presence of Rox Group at Stanley Brothers Securities
First and foremost is BĐS Thanh Vinh, established in October 2018, with its initial headquarters at the Nghe An Province Post Office building, 2 Nguyen Thi Minh Khai, Hung Binh Ward, Vinh City, Nghe An Province (former address).
At its inception, BĐS Thanh Vinh had a charter capital of VND 20 billion. The founding shareholders included Hano-Vid Real Estate Joint Stock Company (Hano-Vid) holding 90%, General Director Le Duc Dong with 5%, and Mr. Pham Tien Dat.
In January 2019, the company increased its charter capital to VND 105 billion and then to VND 555 billion in February 2019.
Since January 2022, Mr. Nguyen Huy Hoang has been the General Director and legal representative of the company. In March 2024, the company further increased its charter capital to VND 905 billion.
BĐS Thanh Vinh is known as the investor of the TNR Stars Thai Hoa project in the Long Son Urban Area, Long Son Ward, Thai Hoa Town (former name), Nghe An Province.
TNR Stars Thai Hoa is part of a project with a total area of 28.96 hectares and a construction density of 44%. The project is designed with a model of shophouses, shopvillas, adjacent houses, and villas, featuring two subdivisions: Long Son and Thien Long.
BĐS Thanh Vinh gained attention as a major shareholder, holding over 5% of the shares of the Vietnam Maritime Commercial Joint Stock Bank (MSB) during the 2022-2023 period. However, the company has since divested its entire stake in MSB.
MSB is not just a strategic partner of Rox Group but also has a close relationship with the conglomerate.
Specifically, in 2007, VID Group (the predecessor of TNG Holdings, now ROX Group) acquired shares in Maritime Bank (now MSB).
At that time, Mr. Tran Anh Tuan was elected as Vice Chairman of the bank’s Board of Directors. In 2008, Mr. Tuan assumed the role of General Director of Maritime Bank. From 2012 to the present, Mr. Tuan has been the Chairman of MSB’s Board of Directors. Mr. Tran Anh Tuan is known as the husband of Ms. Nguyen Thi Nguyet Huong, Chairwoman of ROX Group.
In addition, Ms. Huong also served as the First Vice Chairwoman of the Board of Directors, Chairwoman of the Founding Council of Maritime Bank, representing VID Group’s invested capital in the bank.
Turning back to the new major shareholders of Stanley Brothers, Gen Cons Vietnam was established in April 2015, with its initial headquarters at Tower A, 54A Nguyen Chi Thanh, Lang Thuong Ward, Dong Da District (former address), Hanoi, under the initial name of TNCons Vietnam Investment and Construction Joint Stock Company.
In December 2023, the company changed its name to Rox Cons Vietnam Investment and Construction Joint Stock Company, and in the latest registration for changes (March 2025), the company is known as Gen Cons Vietnam Investment and Construction Joint Stock Company.
Sao Kim Investment, Trading, and Services Limited Company (a subsidiary of Rox Group) is known as a founding shareholder of Gen Cons Vietnam.
Currently, Mr. Nguyen Manh Hung (born in 1977) is the General Director and legal representative of Gen Cons Vietnam. In addition, Mr. Hung is also the General Director and legal representative of Construction Real Estate 501.9 Joint Stock Company. This enterprise was established in June 2013 and shares the same address with Gen Cons Vietnam.
According to the information on shareholders owning 1% or more of MSB’s charter capital (updated based on VSDC data as of July 31, 2025, provided on August 1, 2025, and information provided by shareholders as of August 11, 2025), Gen Cons Vietnam holds over 49.1 million MSB shares, equivalent to 1.89% of the bank’s charter capital.
Source: MSB
Additionally, according to the same list, Rox Key Holdings Joint Stock Company (a subsidiary of Rox Group) holds 39 million MSB shares (equivalent to 1.5%).
Another new major shareholder of Stanley Brothers is Nam Quang Infrastructure Investment and Development Joint Stock Company (Nam Quang). The company was established in May 2005, with its headquarters in Nam Sach Industrial Park, Ai Quoc Ward, Hai Duong (now Hai Phong).
Nam Quang is renowned as the “king” of industrial parks in Hai Duong (now Hai Phong) with a series of prominent projects, including Nam Sach Industrial Park (covering 62.42 hectares) and Phuc Dien Industrial Park (spanning 82.88 hectares).
These two projects are currently managed by TN Property Management Investment and Real Estate Management Joint Stock Company (a subsidiary of Rox Key Holdings).
The final major shareholder of Stanley Brothers is Vipico One Member Limited Liability Company (Vipico). Vipico is the investor in the TNR The LegendSea Da Nang project, which comprises a commercial center, hotel, and apartment complex. The project developer is Rox Signature Joint Stock Company, and the main contractor is Roxcons Vietnam Investment and Construction Joint Stock Company.
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