CII Becomes Major Shareholder in PC1 With 12.79% Stake, Opens Hanoi Office

Overview

CTCP Đầu tư Hạ tầng Kỹ thuật TP.HCM (HOSE: CII) has become a major shareholder in CTCP Tập Group PC1 (HOSE: PC1), holding roughly 52.61 million shares, or 12.79% of PC1’s capital. CII’s board also approved the establishment of its first representative office in Hà Nội, at Press Club Tower, 12 Lý Đạo Thành, Hoàn Kiếm. The move deepens CII’s exposure to northern infrastructure and energy assets at a time when PC1 is rebuilding its board after a governance shake-up.

Key Facts

• CII-related entities hold approximately 52.61 million PC1 shares, equal to 12.79% of charter capital.
• CII’s board resolution establishes a Hà Nội representative office at Press Club Tower, 12 Lý Đạo Thành, Hoàn Kiếm.
• PC1 held an extraordinary general meeting on 24 July, electing four additional board members for the 2025-2030 term.
• Trịnh Khánh Linh, born 1999, was elected Chairwoman of the PC1 board immediately after the meeting.
• Former board members, including Trịnh Văn Tuấn, were dismissed after being prosecuted by the Ministry of Public Security’s investigative police agency.
• PC1 H1 2026 revenue reached VND 4,206 billion, down 12% year on year, while net profit exceeded VND 505 billion, up 63%.
• MBS forecasts PC1 Q3 2026 net profit of about VND 176 billion, down 42%, and full-year 2026 net profit of about VND 827 billion, down 21%.
• PC1 shares closed at VND 20,250 on 28 September 2026, down 35% from the early-March peak, implying market capitalization of roughly VND 8,300 billion.

What Happened

According to a CII board resolution, the company will open a representative office in Hà Nội for the first time, located at Press Club Tower on Lý Đạo Thành Street in Hoàn Kiếm district. The decision follows a series of purchases through which legal entities linked to CII accumulated about 52.61 million PC1 shares, equivalent to 12.79% of the Hanoi-headquartered group’s capital.

PC1 has undergone significant leadership changes. At an extraordinary shareholders’ meeting on 24 July, the company elected four additional board members for the 2025-2030 term. Immediately afterward, Trịnh Khánh Linh, born in 1999, was elected Chairwoman. Several previous board members, including Trịnh Văn Tuấn, were removed after being prosecuted by the Ministry of Public Security’s investigative police agency. The article does not disclose the transaction value of CII’s share purchases or the cost basis of the 12.79% stake.

Market Context

PC1 trades on HOSE and closed at VND 20,250 on 28 September 2026, down 35% from its early-March peak, with market capitalization of about VND 8,300 billion. CII, also listed on HOSE, closed at VND 12,250 on the same date. The stake-building comes as PC1’s earnings quality is under scrutiny: H1 2026 revenue fell 12% to VND 4,206 billion while net profit rose 63% to more than VND 505 billion, meeting 27% of the revenue plan and nearly 48% of the full-year profit target. MBS expects the second half to weaken, citing hydropower, electrical construction and nickel segments.

Strategic Significance

For CII, the PC1 position extends its infrastructure and energy platform into northern Vietnam and complements the new Hà Nội office, which places the company closer to PC1’s operations and to northern project pipelines. For PC1, a 12.79% anchor holder linked to a listed infrastructure group could support capital access and project execution as the new board stabilizes governance after the prosecutions. The key tension is valuation: MBS attributes the expected Q3 and full-year profit declines to legal bottlenecks delaying construction progress and to stabilizing nickel prices, so the investment case depends on whether CII’s presence accelerates resolution of those project-level constraints rather than simply adding a financial shareholder.

What to Watch

• PC1 Q3 2026 earnings release, with MBS forecasting net profit of about VND 176 billion, down 42% year on year.
• Any further disclosures of CII-related purchases or board representation at PC1.
• Progress on legal bottlenecks affecting PC1’s electrical construction project timelines.
• Nickel price trends and hydropower output through the remainder of 2026.
• Official opening and staffing of CII’s Hà Nội representative office at Press Club Tower.