AGM Chairman to Sell Entire 4.2% Stake as Losses Persist

Overview

The Chairman of Angimex (UPCoM: AGM), Lương Đức Tâm, has registered to sell his entire stake of 759,800 shares, equivalent to 4.2% of the company’s charter capital. The sale, driven by personal financial needs, comes as the food and beverage company continues to report heavy losses and its stock trades at a low of 1,800 VND per share.

Key Facts

• Chairman Lương Đức Tâm plans to sell 759,800 AGM shares (4.2% of capital) via negotiated and matched orders.
• The transaction window runs from 11 September to 9 October 2026.
• At the 8 September closing price of 1,800 VND/share, the stake is worth approximately VND 1.37 billion.
• AGM reported Q2/2026 revenue of over VND 4 billion, down 59% year-on-year, and a net loss of about VND 42 billion.
• H1/2026 revenue was around VND 7.5 billion, down 76% year-on-year; net loss stood at VND 57 billion.
• The company targets full-year 2026 revenue of just over VND 10 billion and a pre-tax loss of VND 121 billion.
• Angimex traces its roots to 1976 as An Giang Foreign Trade Company.

What Happened

Lương Đức Tâm, Chairman of the Board of Angimex (AGM), has filed a registration to sell all 759,800 shares he holds in the company, representing 4.2% of charter capital. The disposal is planned between 11 September and 9 October 2026, using both negotiated and order-matching methods. The stated reason is personal financial needs.

Tâm was appointed Chairman on 18 October 2025. He also serves as a board member of Louis Angimex Trading Co., Ltd., director of NTH Trading Services Co., Ltd., and is AGM’s capital representative at Angimex-Kitoku Co., Ltd. Louis Angimex is an associate company, while Angimex-Kitoku is a joint venture.

The divestment comes amid continued operational difficulties. In Q2/2026, revenue fell 59% year-on-year to over VND 4 billion, while the net loss narrowed to about VND 42 billion from VND 58 billion a year earlier. Financial costs dropped 18% to about VND 37 billion, and administrative expenses fell 53% to about VND 4 billion. Other income rose more than fivefold to over VND 1 billion. The company attributed the revenue decline to a lack of working capital.

For the first half of 2026, revenue was about VND 7.5 billion, down 76% year-on-year, with a net loss of VND 57 billion, narrower than the VND 77 billion loss in H1/2025. At the 2026 annual general meeting, management set a full-year revenue target of just over VND 10 billion and a pre-tax loss of VND 121 billion, wider than the VND 104 billion loss in 2025.

Market Context

AGM shares closed at 1,800 VND on 8 September 2026, reflecting persistent investor pessimism. The company, listed on UPCOM, has been under severe financial strain since former Chairman Đỗ Thành Nhân was prosecuted in April 2022. Bondholders have pressured the firm to dispose of collateral assets, including land-use rights, and to seek medium- and long-term loans or liquidate unused assets. The stock’s low price and the chairman’s exit signal a lack of confidence in near-term recovery.

Strategic Significance

The chairman’s decision to sell his entire stake is a negative signal for minority shareholders, as it suggests even insiders see limited upside. The company’s ongoing losses, shrinking revenue, and reliance on asset sales to meet obligations indicate a prolonged restructuring. For long-term investors, the key question is whether AGM can stabilize operations, resolve its debt overhang, and return to profitability. The planned disposal may also reduce insider alignment with minority interests, raising governance concerns.

What to Watch

• Completion of the chairman’s share sale and any subsequent changes in major shareholder structure.
• Q3/2026 earnings release to see if revenue decline and losses continue.
• Progress on asset disposal plans, including land-use rights and idle assets, to address bondholder demands.
• Any regulatory updates or legal developments related to former chairman Đỗ Thành Nhân’s case.
• Possible capital increases or restructuring initiatives announced by management.