Ha Do Group (HDG) Buys Out Binh Gia Wind Power, Pyn Elite Crosses 10%

Overview

Ha Do Group (HDG, HOSE) has approved the transfer of the remaining 1% of Binh Gia Wind Power JSC from two of its own executives, taking its ownership of the project company to 100%. The same disclosure cycle showed Finland’s Pyn Elite Fund raising its stake in HDG to 10.04% through an on-market purchase of 1 million shares. The two events together put both insider consolidation of the wind asset and foreign institutional accumulation of the listed parent in the same frame.

Key Facts

• HDG will acquire the 1% of Binh Gia Wind Power held by CEO Nguyen Trong Minh and Deputy CEO Le Xuan Tuan, each contributing 0.05% (over VND 305 million apiece).
• Binh Gia Wind Power was established in May 2026 under Ha Do board resolution 21/NQ-HDQT dated 12 May 2026, with registered capital of VND 610.5 billion.
• HDG’s original contribution was nearly VND 609.9 billion, equal to 99.9% of the project company’s charter capital.
• After the transfer, Binh Gia Wind Power converts from a joint-stock company into a limited liability company, with Deputy CEO Le Xuan Tuan as HDG’s authorised representative for the full 100%.
• Pyn Elite Fund (Non-UCITS) bought 1 million HDG shares on 4 September 2026, raising its holding from about 39.9 million to 40.9 million shares, or 9.8% to 10.04%.
• At the 4 September 2026 close of VND 17,500 per share, the Pyn Elite purchase was worth roughly VND 17.5 billion.
• Reviewed H1 2026 results: net revenue of nearly VND 1,175.5 billion, gross profit of over VND 903.9 billion (+38.9%), and after-tax profit of more than VND 386 billion (+65% year on year).

What Happened

According to a Ha Do Group board resolution, the company will take over all shares held by Nguyen Trong Minh and Le Xuan Tuan in Binh Gia Wind Power JSC. The two executives had each subscribed 0.05% of the project company’s charter capital, with Ha Do holding the remaining 99.9%. Once the transfer settles, Ha Do owns 100% and the entity is re-registered as a limited liability company. The resolution names Deputy CEO Le Xuan Tuan as the representative managing the entire capital contribution.

In a separate filing, Pyn Elite Fund reported buying 1 million HDG shares through the exchange on 4 September 2026. The Finnish fund’s holding rose from roughly 39.9 million to 40.9 million shares, moving its ownership ratio from 9.8% to 10.04%. The article does not disclose the transaction value of the Binh Gia share transfer; the Pyn Elite purchase is estimated at about VND 17.5 billion based on that session’s VND 17,500 close.

Market Context

HDG trades on the Ho Chi Minh City Stock Exchange (HOSE) and sits at the intersection of residential real estate and renewable energy. The price-context block shows a close of VND 16,000 on 21 September 2026, below the VND 17,500 reference used for the 4 September Pyn Elite purchase, implying the shares have given back ground since that accumulation. The H1 2026 figures point to a margin-led earnings recovery, with gross profit up 38.9% and after-tax profit up 65% even as net revenue slipped slightly, helped by a 49.2% rise in financial income and a 40.6% cut in financial expenses.

Strategic Significance

The buyout of the two minority stakes is small in cash terms but removes outside holders from a project company that carries VND 610.5 billion in registered capital, simplifying the corporate structure ahead of any construction, financing or transfer decision at Binh Gia. Converting the vehicle to a limited liability company and installing a deputy CEO as legal representative concentrates control at the parent, which matters if the wind asset is later used for project-level debt or an equity partner. Pyn Elite crossing 10% is the more liquid signal: a long-standing foreign holder adding through the exchange at a time when HDG’s earnings are being driven by margin and financial-cost items rather than revenue growth.

What to Watch

• Disclosure of the Binh Gia Wind Power transfer price and completion date, which the current resolution does not state.
• Further Pyn Elite Fund filings if the holding moves materially above 10.04%.
• Q3 2026 consolidated results, to test whether the H1 gross-margin gain and lower financial expenses persist.
• Project-level announcements on Binh Gia wind capacity, financing, or power purchase agreements.
• HDG share price relative to the VND 17,500 level at which Pyn Elite bought on 4 September 2026.