Vingroup announced that it has completed 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. This group only directly owns 18.4% of capital at Vincom Retail.

According to SDI's new shareholder structure, the identity of the buyer has been revealed. Accordingly, before the transaction, Ngoc Viet Trading and Business Company was the largest shareholder of SDI with 84.2% ownership. In the newly changed shareholder list on April 4, Ngoc Viet's ownership in SDI decreased from 84.2% to 29.2%, the amount of shares changed is exactly the same as the part Vingroup announced.

The buyers are four new enterprises, 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%).

There are three new shareholders at SDI, including Thien Phuc Company, Falcon and Emarald, established on the same day, February 23, 2024, with the same main business line of real estate business and the same initial charter capital of 20 billion VND.

Thien Phuc Company is headquartered in District 11, Ho Chi Minh City, with two founding shareholders, Huynh Thanh Truc and Huynh Thien Phuc. At the end of March, the company increased its capital to VND1,225 billion, with the appearance of a new shareholder, Mr. Luong Phan Son (owning 36%).

Mr. Son is the Chairman of the Board of Members and shareholder of CapitaLand Tower Company - a company that raised VND12,200 billion in bonds at the end of 2023, related to The Sun Tower project in Ho Chi Minh City. The person holding the position of Chairman of the Board of Members of CapitaLand Tower before Mr. Son was Hui Ho Wai Clement - Director of Real Estate Development of Masterise Homes.

Falcon Company is headquartered in District 7, Ho Chi Minh City, with two initial individual shareholders. At the end of March, this enterprise increased its capital to VND887 billion, with the appearance of a new shareholder, Mr. Kieu Huu Dung (owning 49.5%).

Mr. Dung held the position of Director of the Banking Department (State Bank) from 2004 to 2007, Chairman of the Board of Directors of Sacombank (2014 to 2017), before establishing KDI Holdings - a multi-industry enterprise operating in the fields of real estate, agriculture, and education.

Emerald Company, headquartered in District 7, Ho Chi Minh City, was also established on February 23 with two individual shareholders and initial capital of VND20 billion.

Similar to Thien Phuc and Falcon, at the end of March, Emerald increased its capital to VND1,105 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 Trading Joint Stock Company - the fourth shareholder of SDI - also increased its capital from VND 505 billion to VND 1,257 billion at the end of March. This enterprise 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, was also recently nominated to the Board of Directors of Vincom Retail, after Vingroup announced its divestment.

According to the introduction in the report, Mr. Nguyen Hoai Nam, born in 1970, has a bachelor's and master's degree in business administration from the University of Southern California. He held the positions of Business Director of 3C Corporation (1992-1998), Financial Director of TTT Corporation (1998-2005), and CEO of Viet Au Investment (2005-2006).

After leaving Viet Au Investment, since 2006, Mr. Nam has 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, Hanoi City Garden. Berjaya Group is also a partner of Vietlott in the project of implementing lottery business in Vietnam for 18 years.

In addition to Berjaya Vietnam, he is also Chairman of the Board of Directors of Nam Huong Media and Investment Company, Saigon Berjaya Securities, NP Investment and Trading Company; Chairman of the Board of Members and member of the Board of Directors of many other companies.

Vincom Retail is the unit in charge of Vingroup's retail real estate sector. After divesting here, billionaire Pham Nhat Vuong's group still has 6 main business segments, including real estate trading and transfer, hotel - tourism - entertainment services, healthcare, education, manufacturing and other activities.

In 2023, Vincom Retail recorded net revenue and after-tax profit of VND9,791 billion and VND4,409 billion, up 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