Capital Increase Plan by Sixfold
Stanley Brothers Securities Corporation (SBSI, stock code: VUA) recently announced the documents for the first extraordinary shareholders’ meeting of 2025, scheduled for the morning of October 14th in Hanoi.
A key agenda item focuses on capital increase. According to the proposal, SBSI’s Board of Directors is presenting a plan to issue a maximum of 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 shareholders’ meeting authorizes the Board of Directors to negotiate with investors and determine the offering price. The implementation is expected to take place in 2025 and 2026.
The company estimates that if the offering price is set at par value, it will raise VND 1,661 billion. The entire proceeds will be used to expand business operations, invest in information technology systems, and supplement capital for margin lending, proprietary trading, and underwriting activities.
If successful, SBSI’s charter capital could increase from VND 339 billion to VND 2,000 billion, a 5.9-fold increase.
Resignation and Election of Top Management
In addition to the capital increase, the upcoming extraordinary shareholders’ meeting will also address personnel matters. Specifically, SBSI is proposing to remove three members of the Board of Directors—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.
Simultaneously, the company suggests increasing the number of Board of Directors members for the 2024–2029 term from three to five, including one independent member. The meeting will elect five Board of Directors members and three Supervisory Board members for the remainder of the 2024–2029 term. The list of candidates has not yet been disclosed.
Notably, the mass resignation of Board of Directors and Supervisory Board members coincides with significant changes in Stanley Brothers Securities’ 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%. Gen Cons Vietnam Construction Investment JSC purchased 8.35 million VUA shares, raising its ownership to 24.64%.
Additionally, two other entities, Thanh Vinh Real Estate Development Investment 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 charter capital. According to transaction reports, none of these four entities previously owned VUA shares.
MSB-Related Shareholder Group Behind the Acquisition
Notably, these new major shareholders are all affiliated with the Vietnam Maritime Commercial Joint Stock Bank (MSB).
Thanh Vinh Real Estate is known as the developer of the TNR Stars Thai Hoa project within the Long Son Urban Area in Thai Hoa town (formerly), Nghe An province. The company gained attention as a major shareholder holding over 5% of MSB’s shares during 2022–2023 but has since divested its entire stake in MSB.
Another major shareholder, Nam Quang Infrastructure Investment and Development, is known as a leader in industrial zones in Hai Duong (now Hai Phong), with several prominent projects, including the Nam Sach Industrial Zone (62.42 ha) and the Phuc Dien Industrial Zone (82.88 ha). These projects are currently managed by TN Property Management, a subsidiary of Rox Key Holdings.
According to MSB’s shareholder disclosure (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 SBSI major shareholder, Gen Cons Vietnam, also holds over 49.1 million MSB shares, equivalent to 1.89% of the bank’s capital.
The final major shareholder of SBSI, VIPICO LLC, is the developer of the TNR The LegendSea Da Nang commercial, hotel, and apartment complex. The project developer is Rox Signature, and the general contractor is Roxcons Vietnam Construction Investment JSC.
On the stock market, VUA shares surged, reaching the upper limit of VND 18,500 per share by the close of the September 25th session. However, trading volume remained modest at only 16,600 units.
Regarding business performance, Stanley Brothers has consistently reported 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 were nearly VND 262 billion, with deposits accounting for approximately VND 153 billion.
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