Taseco Airs (AST) Board Resignations Follow Sojitz Purchase of 27.6% Stake

Overview

Two members of Taseco Airs’ (HOSE: AST) board of directors, Lars Kjaer and Kim HongJin, submitted resignations on 21/9, days after foreign funds PENM IV Germany and STIC Pan-Asia sold their entire combined 27.6% stake in the airport services and retail operator. Japan’s Sojitz Corporation is the intended buyer of the shares, valued at more than VND 1,053 billion, making it AST’s second-largest shareholder behind Taseco Group.

Key Facts

• Lars Kjaer (Danish, born 1958) and Kim HongJin (Korean, born 1980) filed resignation letters on 21/9 for the 2022-2027 board term, citing personal reasons.
• The resignations take effect only after approval by an extraordinary general meeting of shareholders in 2026.
• On 14/9, AST recorded two put-through transactions totaling nearly 14.9 million shares, equal to about 27.6% of charter capital, worth over VND 1,053 billion.
• The sellers were PENM IV Germany GmbH & Co. KG and STIC Pan-Asia 4th Industry Growth Private Equity Fund, which had registered to sell their full holdings.
• Sojitz Corporation of Japan is slated to receive the stake, becoming the second-largest shareholder after Taseco Group.
• Taseco Group directly holds roughly 23 million AST shares, or 51% of charter capital, per the H1 2026 governance report.
• AST closed at VND 63,700 on 21/9.

What Happened

Taseco Air Services Joint Stock Company (Taseco Airs) disclosed in a company announcement that it received resignation letters from two board members, Lars Kjaer and Kim HongJin, both stating personal reasons. Kjaer has served on the AST board since 2017 and is concurrently deputy general director of PENM IV Germany GmbH & Co. KG. Kim HongJin is a director at STIC Pan-Asia 4th Industry Growth Private Equity Fund. Both men are tied to the foreign funds that exited the register.

The personnel change follows put-through trades on 14/9 in which nearly 14.9 million AST shares, about 27.6% of the company, changed hands for more than VND 1,053 billion. The volume matches the full holdings that PENM IV and STIC Pan-Asia had registered to sell. Under the transaction plan, Sojitz Corporation will acquire the stake from the two funds. The resignations require ratification at an extraordinary shareholders’ meeting in 2026 before taking effect.

Market Context

AST trades on the HOSE and closed at VND 63,700 on 21/9, the session in which the resignations were disclosed. The stock sits in the aviation services and airport retail segment, operating duty-free shops, restaurants, souvenir counters and business lounges at Nội Bài, Đà Nẵng, Tân Sơn Nhất and Phú Quốc airports. The block trade represents one of the larger foreign-investor exits in the Vietnamese aviation-retail space, and the arrival of a Japanese strategic buyer contrasts with the broader pattern of foreign net selling on HOSE through 2026.

Strategic Significance

Sojitz’s entry reshapes AST’s shareholder base without disturbing control: Taseco Group retains 51%, so the Japanese trading house becomes a strategic minority holder rather than a parent. For long-term investors, the relevant question is whether Sojitz brings airport-retail sourcing, travel-retail brands or Japanese aviation-service expertise that lifts AST’s concession economics, or whether it is a financial position. The departure of both fund-linked directors removes the private-equity voice from the board and opens two seats that Sojitz may seek to fill, potentially shifting board priorities toward operational partnerships.

What to Watch

• The 2026 extraordinary general meeting that must ratify the resignations and any new director appointments.
• A foreign-ownership or large-shareholder filing confirming Sojitz’s completed purchase and final stake percentage.
• Any Sojitz announcement on commercial cooperation, sourcing or joint ventures with AST.
• Q3 2026 governance and financial reports for updated shareholder structure and duty-free revenue trends.
• Further board changes or committee reassignments following the two vacancies.