Biwase (BWE) Dismisses Deputy CEO on Retirement, Rights Issue Ongoing

Overview

Biwase (BWE), listed on HoSE, announced the dismissal of Deputy General Director Duong Hoang Son due to retirement, effective August 10, 2026. The company is simultaneously conducting a rights issue to raise nearly 1,162.5 billion VND, a move that will increase its charter capital to approximately 2,513.5 billion VND.

Key Facts

• Duong Hoang Son, born 1965, was dismissed as Deputy General Director of Biwase effective August 10, 2026, due to retirement.
• Son remains a member of the Board of Directors and Chairman of Tan Hiep Water Investment JSC.
• Biwase is offering over 31.4 million shares to existing shareholders at a ratio of 7:1, with a price of 37,000 VND per share.
• The rights transfer period runs from August 6, 2026, to August 28, 2026; subscription and payment period is August 6, 2026, to September 7, 2026.
• The offering is expected to raise nearly 1,162.5 billion VND, increasing charter capital from about 2,199.3 billion VND to nearly 2,513.5 billion VND.
• N.T.P. Trading Co., Ltd. purchased 995,000 BWE shares between July 21 and August 3, 2026, raising its stake to 1 million shares (0.455% of capital).
• N.T.P. Trading is linked to board member Nguyen Thanh Phong, who holds 1.36% of BWE.

What Happened

Biwase (BWE) has officially dismissed Duong Hoang Son from the position of Deputy General Director, citing his retirement as per regulations. The decision takes effect on August 10, 2026. Son, a mechanical engineer, had served as Deputy General Director since March 2022. Despite stepping down from this role, he will continue as a member of the Board of Directors and retains his chairmanship at Tan Hiep Water Investment JSC.

In a separate development, Biwase is in the midst of a rights issue to existing shareholders. The company is offering over 31.4 million shares at a ratio of 7:1, with a subscription price of 37,000 VND per share. The offering period runs from August 6 to September 7, 2026, with the shareholder list already fixed on July 24. If fully subscribed, the company will raise nearly 1,162.5 billion VND, boosting its charter capital to approximately 2,513.5 billion VND. The proceeds are earmarked for purposes approved at the 2026 Annual General Meeting.

Market Context

BWE shares closed at 43,800 VND on August 7, 2026, reflecting a premium of about 18% over the rights issue price. The company operates in the utilities sector on HoSE, with a focus on water supply and environmental services in Binh Duong province. The rights issue comes amid a period of active share purchases by related parties, including N.T.P. Trading Co., Ltd., which increased its stake to 1 million shares. This activity suggests ongoing interest from insiders, potentially supporting sentiment around the stock.

Strategic Significance

The leadership change is part of normal succession planning, with Son remaining on the board to ensure continuity. The rights issue is a strategic move to raise capital for expansion, likely in water infrastructure and environmental projects, aligning with the company’s long-term growth plans. The participation of related entities, such as N.T.P. Trading, indicates insider confidence in the company’s prospects. For investors, the successful completion of the rights issue will strengthen Biwase’s balance sheet and support its capacity for future investments.

What to Watch

• Completion of the rights issue subscription period ending September 7, 2026, and the final amount raised.
• Utilization of proceeds as detailed in the 2026 AGM plan, particularly any announcements on project investments.
• Further insider buying or selling activity by board members and related parties.
• Quarterly earnings reports to assess the impact of the capital increase on financial performance.
• Any regulatory approvals or updates regarding the leadership transition and board composition.