Au Lac (ALC) Plans 49% Bonus Share Issue on UPCoM, Lifting Charter Capital to VND 815.6B

Overview

Au Lac JSC (ticker ALC, traded on UPCoM) has submitted documents to the State Securities Commission (UBCKNN) for a bonus share issue at a 49% ratio, equivalent to more than 25 million new shares. If completed, charter capital would rise from VND 564.7 billion to VND 815.6 billion. The plan is the most concrete capital action from the industrial goods company since its 2026 annual general meeting resolution.

Key Facts

• Bonus issue ratio of 49%, or 100:49, meaning shareholders receive 49 new shares for every 100 held.
• More than 25 million new common shares to be issued, with no transfer restrictions.
• Charter capital to increase from VND 564.7 billion to VND 815.6 billion.
• Funding source is share premium as of 31 December 2025, based on audited 2025 financial statements.
• Implementation is expected during 2026, under AGM Resolution No. 01/2026/NQ-ĐHĐCĐ dated 15 May 2026 and a board resolution dated 9 September.
• Shareholder Nguyen Thien Huong Jenny holds 7.2 million shares (12.81%) and would receive roughly 3.5 million bonus shares; Nguyen Duc Hieu Johnny holds 5.5 million shares (9.82%) and would receive about 2.7 million.
• H1 2026 reviewed results: net revenue of nearly VND 654 billion, gross profit of almost VND 189 billion, and after-tax profit of VND 114 billion, down nearly VND 6 billion year on year.

What Happened

The State Securities Commission said it has received Au Lac’s report on the issuance of shares to increase equity from owners’ capital. The company had earlier passed a board resolution on 9 September to implement the bonus share plan under AGM Resolution No. 01/2026/NQ-ĐHĐCĐ dated 15 May 2026. The new shares are ordinary shares and are not subject to transfer restrictions, with the exercise ratio set at 100:49.

The issuance is funded from share premium recorded as of 31 December 2025, verified against the company’s audited 2025 financial statements, and is scheduled for implementation during 2026. Au Lac also disclosed that as of 30 June 2026, Chairman Ngo Thu Thuy and her husband Nguyen Duc Hinh hold no ALC shares directly, while their two children hold significant stakes. Separately, the company reappointed Mai Van Tung as General Director for a five-year term starting 1 October 2026; he also sits on the board.

Market Context

ALC closed at VND 21,500 on 17 September 2026 on UPCoM, the exchange reserved for unlisted public companies, where liquidity and disclosure standards are generally thinner than on HOSE or HNX. The bonus issue follows a first half in which revenue grew to nearly VND 654 billion but after-tax profit slipped to VND 114 billion, as lower financial income and higher management expenses offset gross profit gains. Total assets reached VND 2,817 billion at the end of Q2 2026, up almost VND 560 billion from the start of the year, while total liabilities rose more than VND 440 billion to VND 1,082 billion, including VND 241 billion of short-term and nearly VND 696 billion of long-term borrowings.

Strategic Significance

The bonus issue converts accumulated share premium into permanent equity rather than cash, so it does not dilute existing holders economically and does not raise new money for operations. Its practical effect is to widen the share count and lower the per-share price, which can improve tradability on UPCoM and broaden the register ahead of any future listing ambitions. For long-term holders, the more relevant signal is the balance sheet: leverage is rising, with total liabilities now above VND 1 trillion against VND 2,817 billion of assets, and profit is flat to slightly down even as revenue grows. The capital increase therefore reads as a technical strengthening of the equity base rather than a change in earnings trajectory.

What to Watch

• Official confirmation from the State Securities Commission on the effective date and record date for the 49% issue.
• The exact ex-rights and shareholder registration timeline, which the filing places somewhere in 2026 without a fixed date.
• Q3 2026 results for evidence on whether revenue growth can translate into after-tax profit growth.
• Movement in short-term and long-term borrowings, given total liabilities of VND 1,082 billion at end-Q2 2026.
• Any disclosure on the children’s combined holdings after the bonus shares are credited, and whether the family stake crosses reporting thresholds.