Gelex (GEX) Exits HAH Stake: Sells 9.7M Hai An Shares for VND 480B

Overview

Gelex Group (HOSE: GEX) completed the sale of its entire 9.7 million-share position in Hai An Transport and Stevedoring (HOSE: HAH) on 23 September 2026, equal to 5.16% of Hai An’s charter capital. The disposal unwinds a stake GEX had only just built above the 5% major-shareholder threshold on 21 August 2026, and removes GEX from Hai An’s register of large shareholders.

Key Facts

• GEX transferred more than 9.7 million HAH shares on 23 September 2026, equivalent to 5.16% of Hai An’s charter capital.
• The average transaction price that session was VND 49,120 per share, implying gross proceeds of approximately VND 480 billion (about USD 19.2 million).
• GEX first became a major shareholder on 21 August 2026 after buying 413,600 HAH shares, lifting its holding from 4.94% to 5.16%.
• HAH closed at VND 49,350 on 24 September 2026; GEX closed at VND 24,100 the same day.
• Viconship remains Hai An’s largest recorded shareholder with nearly 29.9 million HAH shares, or 15.856% of charter capital, as of 30 June 2026.
• Hai Ha Investment and Transport holds more than 26.5 million HAH shares, roughly 14% of charter capital.
• VietinBank Capital raised its HAH holding to 18 million shares on 30 July 2026, up from about 7.6 million.

What Happened

Gelex Group disclosed that it had completed the transfer of its full HAH position in the 23 September 2026 trading session, according to the company’s information release. After the transaction, GEX holds no HAH shares and is no longer classified as a major shareholder of the shipping and port operator. The company did not disclose the actual transfer value or the realised gain or loss on the disposal; the VND 480 billion figure is a desk estimate based on the session’s average price of VND 49,120 per share.

The round trip was unusually short. On 21 August 2026, Gelex added 413,600 HAH shares, pushing its ownership from 4.94% to 5.16% and triggering the major-shareholder disclosure. Just over a month later, the entire position was gone. Hai An’s shareholder register is otherwise dominated by interests linked to its own leadership: Viconship, whose chairman Nguyen Xuan Dung and CEO Ta Cong Thong both sit on Hai An’s board, holds 15.856%; Hai Ha Investment and Transport, linked to Hai An chairman Vu Thanh Hai, holds close to 14%; and VietinBank Capital emerged as a large holder at the end of July 2026.

Market Context

HAH trades on HOSE and closed at VND 49,350 on 24 September 2026, marginally above the VND 49,120 average price GEX realised on its exit. GEX, also HOSE-listed, closed at VND 24,100. The transaction is small relative to Gelex’s industrial and utilities portfolio, but it lands in a Vietnamese logistics sector that has drawn repeated interest from financial and strategic investors through 2026, as reflected in VietinBank Capital’s build-up in HAH two months earlier.

Strategic Significance

For GEX, the disposal reads as portfolio housekeeping rather than a directional bet on container shipping: the position was too small to confer influence, was accumulated only briefly, and sat outside the group’s core electrical equipment, industrial park and utilities platforms. For HAH, the removal of a passive financial holder marginally concentrates the register among entities connected to Hai An’s own board and management, a structure that has historically shaped the company’s governance and capital-allocation decisions. Investors tracking either name should treat this as a capital-recycling event at GEX and a non-event for Hai An’s operating outlook.

What to Watch

• GEX’s next financial statements for the disclosed realised gain or loss on the HAH disposal.
• Any further GEX portfolio disposals or acquisitions, which would clarify whether this is part of a broader capital-recycling programme.
• HAH’s shareholder filings for changes among Viconship, Hai Ha and VietinBank Capital positions.
• HAH third-quarter 2026 results for container throughput and freight-rate trends.
• Foreign-ownership and major-shareholder disclosures on HOSE for both GEX and HAH.