Hanoi (VNS/VNA) - Vingroup JSC has announced thatVincom Retail is no longer its subsidiary.

It has successfully transferred 55% of charter capital of SDITrading Development and Investment JSC, which owns 99% of the charter capitalof Sado Trading Commercial JSC. 

Since Sado is a major shareholder of Vincom Retail with a 41.5%ownership stake in the charter capital, the completion of this transactionmeans that Sado and Vincom Retail are no longer subsidiaries of Vingroup.

Vingroup maintains a direct ownership stake of 18.4% in VincomRetail.

On March 18, Vingroup announced its intention to sell the entire100% stake in SDI. The divestment aims to optimise the conglomerate’s capitalallocation by transitioning from stable business sectors to high-growthpotential areas and providing additional funds for the company’s operations,including debt repayment.

Vietcap Securities JSC projected the transfer value of SDI's 100%equity to be 39.08 trillion VND (1.57 billion USD). The amount includes SDI'sactual ownership in Vincom Retail and the minority shareholder benefits of SDIin Vu Yen and Ha Long Xanh projects.

According to Vietcap, following the divestment, Vingroup willenter into management contracts with Vincom Retail for the operational shoppingcentres. Vingroup will assume the responsibility of managing the centres onbehalf of Vincom Retail, ensuring that the rights of tenants and store ownersare protected as stated in the signed contracts.

As stated in Vincom’s 2024 Annual General Meeting documents, thecompany will proceed with the election of new members to the Board of Directorsfor the term 2023-2028. This includes the removal of two current Board members,Thai Thi Thanh Hai and Le Mai Lan, and the appointment of Nguyen Hoai Nam astheir replacement.

New shareholders appear

According to the revised business registration documents of SDI onApril 4, four businesses in Ho Chi Minh City have acquired a 55% stake in thecompany.

Among them, Thien Phuc Service and Trading Development InvestmentCompany and NP Business Investment JSC each contributed nearly 1.4 trillionVND, representing a 16% ownership stake for each company.

Falcon Investment and Development Company Limited holds a 12.5%stake with 1.1 trillion VND, while Emerald Business Investment and DevelopmentCompany spends over 910 billion VND to buy a 10.5% ownership stake.

Notably, Thien Phuc, Falcon and Emerald were all newly establishedon February 23 with a registered capital of only 20 billion VND. However, bythe end of March, these companies collectively increased their registeredcapital.

Specifically, Thien Phuc raised its charter capital to nearly 1.3trillion VND, while Falcon’s charter capital increased to 887 billion VND andEmerald raised its charter capital to over 1.1 trillion VND.

The remaining shareholder is NP Company, which was established inlate 2023 with registered capital of 505 billion VND, fully owned by NPInvestment Company Limited. On March 18, this company increased its registeredcapital to nearly 1.3 trillion VND.

Regarding NP Investment, it was founded in December 2005, withPhuong Anh Phat serving as the director and legal representative. As of April2023, Phat held a 40% stake in the registered capital, while Nam held a 60%stake.

Nam is also among the individuals who acquired Vincom Retailshares from Vingroup as an individual investor.

Currently, Vingroup and its subsidiaries still hold 45% of theremaining shares of SDI. Of which, Vingroup directly holds over 15.7% of theregistered capital, and Ngoc Viet Commerce and Trading JSC, a company 99% ownedby Vingroup, holds over 29.2%. 

Vincom Security Services Company Limited owns 0.006 % of thecapital and Vinbus holds 0.006%./.