Taseco Airs (AST) 27.64% Stake Sold for VND 1,053 Billion

Overview

Nearly 14.93 million shares of Taseco Airs (ticker AST, HOSE), equal to 27.64% of the company’s capital, were transferred through two put-through transactions on September 14 for a combined VND 1,053 billion. The volume matches the stake that Japan’s Sojitz Corporation is slated to receive from foreign funds PENM IV Germany GmbH & Co. KG and STIC Pan-Asia 4th Industry Growth Private Equity Fund, according to a shareholder consultation document Taseco Airs published on August 25.

Key Facts

• Two put-through trades on September 14 moved 14.92 million AST shares for VND 1,052.8 billion, an average of VND 70,524 per share.
• The first trade, at 13:41, covered more than 9.52 million shares at VND 69,420 each, worth VND 661.35 billion.
• The second trade, one minute later, covered 5.4 million shares at VND 72,500 each, worth VND 391.5 billion.
• The average transfer price was 10.7% above AST’s September 14 close of VND 63,700.
• Sojitz Corporation is expected to acquire 14.92 million AST shares, or 27.64% of charter capital, from PENM IV (9.52 million shares, 17.64%) and STIC Pan-Asia (5.4 million shares, 10%).
• The August 25 filing states the transfer is expected in Q3 or Q4 2026, subject to shareholder approval, via order matching and/or put-through on HOSE.
• Taseco Airs is also seeking shareholder approval to waive the public tender offer requirement; post-deal Sojitz would hold between 25% and under 35% of voting shares.

What Happened

The September 14 session recorded two large put-through transactions in Taseco Airs. At 13:41, more than 9.52 million AST shares changed hands at VND 69,420 apiece, worth VND 661.35 billion. One minute later, a further 5.4 million shares were transferred at VND 72,500 each, worth VND 391.5 billion. In total, 14.92 million shares traded for VND 1,052.8 billion, an average price of VND 70,524, or 10.7% above the VND 63,700 close.

According to the shareholder consultation document Taseco Airs published on August 25, Sojitz Corporation expects to receive 14.92 million AST shares, equal to 27.64% of charter capital, from PENM IV Germany GmbH & Co. KG (9.52 million shares, 17.64%) and STIC Pan-Asia 4th Industry Growth Private Equity Fund (5.4 million shares, 10%). The Japanese group held no AST shares before the transaction. The company document does not disclose the transfer price between the parties, so it cannot be confirmed that the September 14 put-through trades are the completed PENM IV and STIC sale to Sojitz. If completed, Sojitz would hold 27.64% and become the second-largest shareholder after Taseco Group at 51%, while both foreign funds would exit entirely.

Market Context

AST trades on HOSE and closed at VND 63,700 on September 14, the reference date for this report. The put-through average of VND 70,524 sat 10.7% above that close, indicating the buyer accepted a premium to the prevailing market price for a control-sized block. PENM IV first invested in Taseco Airs in July 2017 with 3.6 million shares (10% of capital) and, after capital changes and stock dividends, held 9.5 million shares (17.64%). STIC Pan-Asia became a major shareholder in September 2019 after buying 4.5 million shares (10%), later rising to 5.4 million units through stock dividends. Taseco Airs operates airport retail, dining, business lounges, advertising, aviation logistics, in-flight catering and duty-free, and reported consolidated revenue of about VND 1,035 billion in the first six months of 2026.

Strategic Significance

For long-term investors, the transaction replaces two financial investors who have held AST for seven to nine years with a Japanese strategic partner, Sojitz, a general trading house with global airport and retail exposure. A strategic holder at 27.64%, sitting behind a 51% controlling shareholder, concentrates the register and could support the airport-services expansion thesis across retail, catering and duty-free. The waiver of the public tender offer requirement, if approved, removes a procedural hurdle that would otherwise slow the transfer. The key open question is price: the company has not disclosed the negotiated consideration, so the premium embedded in the September 14 trades cannot yet be attributed to the Sojitz agreement.

What to Watch

• Shareholder approval of the Sojitz transfer and the waiver of the public tender offer requirement.
• A formal disclosure confirming the completion of the PENM IV and STIC sale to Sojitz, including the transfer price.
• Updated major-shareholder filings showing PENM IV and STIC at zero and Sojitz at 27.64%.
• H2 2026 consolidated results, following first-half revenue of about VND 1,035 billion.
• Any subsequent board or management changes tied to Sojitz’s entry as second-largest shareholder.