Sojitz Wins Two Taseco Airs (AST) Board Seats as 27.64% Stake Closes

Overview

Taseco Airs (HOSE: AST) elected two Sojitz Corporation nominees to its board at an extraordinary general meeting on 6 November, with each candidate receiving 99.373% of votes cast. The vote completes the governance leg of Sojitz’s September purchase of 27.64% of AST for about VND1,053 billion, and shareholders separately approved a 20% interim dividend and a 2026 pre-tax profit target of close to VND500 billion.

Key Facts

• Sojitz acquired nearly 14.93 million AST shares, equal to 27.64% of charter capital, from foreign funds PENM and STIC in September 2026 for roughly VND1,053 billion (about USD 42.1 million).
• Hisashi Teshigahara and Tomohiro Ota were elected to the board for the 2022-2027 term with 46.22 million votes each, or 99.373%.
• The meeting drew 31 shareholders and authorised representatives holding more than 46.5 million shares, or 86.1% of voting shares; all resolutions passed with 100% approval of those present.
• The board remains at seven members; the two new directors replace Lars Kjaer and Kim HongJin, who represented the PENM and STIC shareholder group.
• Taseco Group retains a controlling 51% stake, leaving Sojitz as the second-largest shareholder.
• Shareholders approved an interim dividend of 20%, totalling close to VND108 billion.
• Management guided 2026 pre-tax profit at close to VND500 billion.

What Happened

At the 6 November meeting, Taseco Airs shareholders approved the dismissal of outgoing board members, remuneration for the new directors and amendments to the company charter, according to the meeting results. The two Sojitz nominees, both senior executives at the Japanese trading house with close to 30 years of experience across retail, aviation infrastructure and international business development, take seats vacated by representatives of the PENM and STIC funds that sold their shares.

Company leadership told the meeting that Sojitz’s entry followed an extended period of study and negotiation, and that the Japanese partner intends to participate directly in governance and long-term strategy rather than act solely as a financial investor. Sojitz, formed from the merger of Nichimen and Nissho Iwai, reported about 27,200 employees and a network of more than 500 subsidiaries and affiliates as of June 2026. In July 2026 it announced participation in a consortium developing and operating a new international airport in Tashkent, Uzbekistan, a project with planned investment of more than USD 2.5 billion and a 35-year concession.

Market Context

AST closed at VND 58,600 on 6 November 2026 on HOSE. The stock sits in the aviation services and logistics segment of the Vietnamese market, where valuations have tracked the recovery in airport passenger throughput and the expansion of non-aeronautical retail concessions. A 20% interim dividend against that price implies a cash return of roughly VND 2,000 per share, a payout the company can fund from operating cash flow rather than the Sojitz proceeds. The transaction also fits a broader pattern of Japanese strategic capital taking minority governance positions in Vietnamese consumer and infrastructure platforms.

Strategic Significance

The board seats convert Sojitz from a passive blockholder into an insider with voting influence over strategy, which matters because Taseco Group’s 51% leaves little room for the Japanese partner to effect change through the shareholder meeting alone. Sojitz’s stated experience in airport infrastructure and retail concessions maps directly onto Taseco Airs’ core business of airport retail and services, suggesting the partnership is aimed at concession expansion and operating know-how rather than a near-term exit. The 2026 pre-tax profit guidance of close to VND500 billion gives investors a concrete benchmark against which to judge whether the new board adds value.

What to Watch

• Release of the amended charter and updated board committee assignments following the 6 November resolutions.
• The interim dividend record date and payment schedule, and whether the 20% rate is repeated for the full year.
• 2026 audited results against the guided pre-tax profit of close to VND500 billion.
• Any disclosure of joint bids or concession contracts involving Sojitz’s aviation infrastructure unit.
• Foreign-ownership and major-shareholder filings confirming Sojitz’s stake remains at 27.64%.