Becamex Group (BCM) Proposes State Ownership Cut to 65% for Public Company Status

Overview

Becamex Group (BCM) has proposed reducing state ownership from 95.44% to over 65% to meet the shareholder structure requirements for a public company. The plan involves a public share issuance during 2026-2030, pending approval from the Ho Chi Minh City People’s Committee. This initiative is driven by the need to comply with the new Law on Management and Investment of State Capital in Enterprises, effective August 1, 2025.

Key Facts

• State ownership in BCM currently stands at 95.44% of charter capital.
• The proposed reduction targets state ownership to above 65%.
• As of May 26, 2026, BCM had 9,221 shareholders, with non-major shareholders holding only 4.56% of voting shares.
• Current regulations require at least 10% of voting shares held by at least 100 non-major investors for public company status.
• BCM is temporarily allowed to maintain public company status under transitional provisions of the new state capital law effective August 1, 2025.
• The public share issuance is planned for the 2026-2030 period.
• BCM’s Q1 2026 revenue was VND 1,105 billion (-40% YoY), net profit VND 288 billion (-21% YoY).
• Total assets as of March 31, 2026: over VND 61,300 billion; liabilities: nearly VND 39,000 billion.

What Happened

Becamex Group announced its proposal to reduce state ownership from 95.44% to over 65% to comply with public company shareholder structure requirements. The company currently has 9,221 shareholders, but non-major shareholders hold only 4.56% of voting shares, falling short of the 10% threshold required for public companies. Under the new Law on Management and Investment of State Capital in Enterprises, which takes effect on August 1, 2025, BCM qualifies for transitional provisions allowing it to retain public company status temporarily. To address the structural deficit, BCM plans to issue shares to the public between 2026 and 2030, subject to approval from the Ho Chi Minh City People’s Committee.

Market Context

BCM closed at VND 53,300 on June 2, 2026, down 2.56% with volume of 591,700 shares on HOSE. The stock has faced pressure from weak Q1 2026 earnings, with revenue down 40% and net profit down 21% year-on-year. The industrial real estate sector in Vietnam has been challenged by slower FDI inflows and regulatory changes. BCM’s high state ownership has historically limited free float and liquidity, contributing to its low trading volume relative to peers.

Strategic Significance

The proposed state ownership reduction is a pivotal step for BCM to meet public company requirements and potentially increase its free float, which could improve liquidity and attract foreign investment. The plan aligns with the government’s broader push to equitize state-owned enterprises and enhance corporate governance. Successful implementation would allow BCM to access public equity markets for future capital raises, supporting its large-scale industrial park development projects. However, the timeline (2026-2030) suggests a gradual process, and execution risk remains given the need for government approval.

What to Watch

• Approval decision from the Ho Chi Minh City People’s Committee on the state ownership reduction plan.
• Details of the public share issuance structure, including pricing and timing within the 2026-2030 window.
• BCM’s Q2 2026 earnings release to assess operational recovery and cash flow generation.
• Changes in foreign ownership limits and investor interest following the share issuance.
• Updates on the new state capital law’s implementation and any further regulatory guidance.