Recent updates from SDI – a company indirectly a major shareholder of Vincom Retail – reveal that four companies now own 55% of the capital after Vingroup divested its stake.
Vingroup announced the completion of the transfer of 55% of the charter capital of SDI Investment and Trade Development Company. SDI owns 99% of the charter capital of Sado Trading Company - a major shareholder holding 41.5% of Vincom Retail (VRE).
Through the capital transfer transaction at SDI, Vingroup indirectly divested from Sado and Vincom Retail. The group now only directly owns 18.4% of the capital in Vincom Retail.
According to SDI's new shareholder structure, the buyer's identity has been revealed. Prior to the transaction, Ngoc Viet Trading and Business Company was SDI's largest shareholder, owning 84.2%. In the updated shareholder list dated April 4th, Ngoc Viet's ownership in SDI decreased from 84.2% to 29.2%, the amount of shares changed exactly matching Vingroup's announced stake.
The buyers are four new businesses, including Thien Phuc Investment and Business Development Company (owning 16% of SDI's capital), Falcon Investment and Development Company (12.5%), Emerald Investment and Business Development Company (10.5%), and NP Investment and Business Joint Stock Company (16%).
SDI has three new shareholders: Thien Phuc Company, Falcon, and Emarald, all established on February 23, 2024, sharing the same main business of real estate and the same initial charter capital of 20 billion VND.
Thien Phuc Company, headquartered in District 11, Ho Chi Minh City, has two founding shareholders: Huynh Thanh Truc and Huynh Thien Phuc. At the end of March, the company increased its capital to VND 1,225 billion, with the addition of a new shareholder, Mr. Luong Phan Son (owning 36%).
Mr. Son is the Chairman of the Board of Members and a shareholder of CapitaLand Tower Company, a business that raised 12,200 billion VND through bond issuance at the end of 2023, related to The Sun Tower project in Ho Chi Minh City. The previous Chairman of the Board of Members of CapitaLand Tower was Hui Ho Wai Clement, the real estate development director of Masterise Homes.
Falcon Company, headquartered in District 7, Ho Chi Minh City, initially had two individual shareholders. At the end of March, the company increased its capital to VND 887 billion with the addition of a new shareholder, Mr. Kieu Huu Dung (owning 49.5%).
Mr. Dung previously served as Director of the Banking Department (State Bank of Vietnam) from 2004-2007, and Chairman of the Board of Directors of Sacombank (2014-2017), before establishing KDI Holdings - a diversified enterprise operating in real estate, agriculture, and education.
Emerald Company, headquartered in District 7, Ho Chi Minh City, was also established on February 23rd with two individual shareholders and an initial capital of 20 billion VND.
Similar to Thien Phuc and Falcon companies, at the end of March, Emerald increased its capital to VND 1,105 billion, with the appearance of a new individual shareholder, Mr. Phuong Anh Phat (owning 90%). Mr. Phat holds the position of General Director of Jeep Vietnam Automobiles.
NP Investment and Business Joint Stock Company - the fourth largest shareholder of SDI - also recently increased its capital from VND 505 billion to VND 1,257 billion at the end of March. This company was established at the end of 2023, with NP Investment Company Limited holding 5%, Mr. Nguyen Hoai Nam owning 90%, and Mr. Phuong Anh Phat holding 5% of the capital.
Mr. Nguyen Hoai Nam, who is also the General Director of Berjaya Vietnam, has also been nominated to the Board of Directors of Vincom Retail, following Vingroup's announcement of divestment.
According to the introduction in the application, Mr. Nguyen Hoai Nam, born in 1970, holds a Bachelor's and Master's degree in Business Administration from the University of Southern California. He previously held positions as Sales Director of 3C Corporation (1992-1998), Chief Financial Officer at TTT Corporation (1998-2005), and Managing Director of Viet Au Investment (2005-2006).
After leaving Viet Au Investment in 2006, Mr. Nam held the position of General Director of Berjaya Vietnam Group – a company that owns many luxury hotels and real estate projects such as Sheraton Hanoi , Long Beach Phu Quoc, and Hanoi City Garden. Berjaya Group is also a partner of Vietlott in the project to implement the self-selection lottery business in Vietnam for 18 years.
Besides Berjaya Vietnam, he is also the Chairman of the Board of Directors of Nam Huong Media and Investment Company, Saigon Berjaya Securities, NP Business Investment Company; and Chairman of the Board of Members and a member of the Board of Directors of many other companies.
Vincom Retail is the retail real estate division of Vingroup. After divesting from this segment, the conglomerate owned by billionaire Pham Nhat Vuong now has six main business areas: real estate trading and transfer, hotel, tourism and entertainment services, healthcare, education, manufacturing, and other activities.
In 2023, Vincom Retail recorded net revenue and after-tax profit of VND 9,791 billion and VND 4,409 billion respectively, an increase of 33% and 59% compared to 2022. The company currently manages 83 shopping malls in 44 provinces and cities and plans to open 6 more malls this year.
Minh Son
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