GELEX becomes major shareholder of Hai An Transport with 5% stake

Overview

GELEX Group (GEX) has become a major shareholder of Hai An Transport and Stevedoring (HAH) after increasing its stake above the 5% threshold. The purchase, executed on August 21, adds to a series of block trades that have intensified since July, with four major shareholders now controlling nearly 44% of HAH’s charter capital.

Key Facts

• GELEX bought 413,600 HAH shares on August 21, raising its holding to over 9.7 million shares, equivalent to 5.0% of HAH’s capital.
• Prior to the transaction, GELEX held 9.3 million HAH shares, representing 4.94%.
• Based on the August 26 closing price of VND 47,800, GELEX’s stake in HAH is valued at over VND 464 billion.
• Other major shareholders include Viconship (nearly 15%), Hai Ha Investment and Transport (nearly 14%), and VietinBank Capital (9.38%).
• Combined, these four shareholders hold over 84.1 million HAH shares, approximately 44% of charter capital.
• Block trades in HAH surged in July, with 24.2 million shares (66% of volume) traded via block deals, compared to only 11.9% in the first half of 2026.

What Happened

GELEX Group, a Hanoi-based conglomerate, reported to the State Securities Commission and HOSE that it had become a major shareholder of Hai An Transport and Stevedoring (HAH). The company increased its stake from 4.94% to over 5% by purchasing 413,600 shares on August 21, according to a filing.

This move comes amid a wave of block trades in HAH shares. In July, block trades accounted for 66% of total trading volume, including a record session on July 30 when nearly 16.9 million shares changed hands via block deals, valued at VND 710 billion. That same day, VietinBank Capital acquired shares to become a major shareholder with 9.38%.

GELEX, which operates as a holding company with interests in industrial production, real estate, infrastructure, and finance, has been expanding its portfolio. The company has investments in electrical equipment brands like Cadivi and Thibidi, as well as Viglacera in building materials. In infrastructure, it participates in transport and energy projects, including the Gia Binh International Airport project.

Market Context

HAH shares closed at VND 47,800 on August 26, 2026, on the HOSE. The stock has seen increased trading activity and block deals since July, reflecting growing institutional interest. GELEX shares closed at VND 26,200 on the same day. The logistics sector in Vietnam has been attracting attention due to trade growth and infrastructure development, making HAH a strategic target for conglomerates seeking exposure.

Strategic Significance

GELEX’s stake in HAH aligns with its stated strategy to become an investment holding group by 2030. The investment provides GELEX with a foothold in the logistics and port operations sector, complementing its existing infrastructure projects. For HAH, having a major conglomerate as a shareholder could bring capital and strategic partnerships, potentially enhancing its competitive position. The concentration of ownership among four major shareholders may also lead to closer coordination or potential consolidation in the logistics industry.

What to Watch

• Further stake increases by GELEX or other major shareholders, which could trigger a mandatory tender offer.
• HAH’s quarterly earnings reports to assess the impact of new shareholders on operational performance.
• Any strategic initiatives or partnerships announced by HAH following the ownership changes.
• Regulatory approvals or disclosures related to the stake changes.
• Market reaction in HAH and GEX share prices in the coming weeks.