Prior to the transaction, Mr. Mai held over 1.6 million shares of TNW, equivalent to 10.05% of the company’s capital. If he sells the entire registered amount, his direct ownership will decrease to 1.29%. At the current price of approximately VND 12,500 per share, the transfer value is estimated at around VND 17.5 billion.
Conversely, VBIC Vietnam, where Mr. Mai serves as Chairman, plans to invest approximately VND 12.5 billion to acquire 1 million shares of TNW. Upon completion, VBIC Vietnam will become a major shareholder of TNW, holding a 6.25% stake.
 Mr. Nguyễn Quang Mãi, Chairman of the Board of Directors, TNW
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Despite reducing his direct ownership, Mr. Mai’s influence at TNW remains largely unchanged. Dong A International Group (EAI), where he serves as a Board Member and CEO, currently holds 41% of TNW’s capital. Combined with his personal holdings, his controlling stake remains at least 48.5%.
Born in 1977, Mr. Nguyễn Quang Mãi holds a Master’s degree in Hydraulic Engineering and has served as Chairman of TNW since 2015. The clean water company originated as the Bac Thai Water Plant, established in 1992, renamed in 1997, and privatized in 2009. Following privatization, Thai Nguyen Province reduced its ownership to 42.2%.
Historically, EAI aimed to increase its controlling stake in TNW to 51% by proposing a share purchase in 2019, but the plan was halted due to changes in capital allocation. Meanwhile, VBIC Vietnam has recently intensified its acquisition of water industry shares. In March this year, the company purchased an additional 790,000 shares of STW (Soc Trang Water Supply), increasing its stake to nearly 24%. Previously, Mr. Mai held leadership roles at STW and stepped down as Chairman and Deputy CEO in May 2024.
On the stock market, TNW shares trade with low liquidity but have shown a steady upward trend since listing in 2017. Since the beginning of 2025, the share price has increased by over 15%.
| Price movement of TNW shares |
In terms of financial performance, TNW reported a Q3 2025 profit of over VND 6 billion, a 22% decrease year-on-year, despite an 8% increase in revenue. However, the nine-month profit reached over VND 10 billion, the highest in a decade, driven by revenue growth to VND 183 billion and stable cost of goods sold.
The company still has accumulated losses of nearly VND 88 billion on equity of VND 213 billion. Total assets as of Q3 stood at VND 840 billion, primarily comprising fixed assets. TNW has long-term loans of VND 446 billion, mostly ADB funding for a water supply project in Thai Nguyen City.
– 13:00 18/11/2025
