HHV Disburses VND 497.3B from Share Sale into Cam Lam - Vinh Hao and ICV Stakes

Overview

Deo Ca Transport Infrastructure Investment (HHV, HOSE) reported that it had fully disbursed the roughly VND 497.3 billion raised from its public offering of more than 49.7 million shares at VND 10,000 each. The proceeds fund the acquisition of stakes in Cam Lam - Vinh Hao Expressway and ICV Vietnam from Deo Ca Group. The disclosure matters because it closes the loop on a capital raise that investors had been tracking against the company’s stated use-of-proceeds plan.

Key Facts

• HHV sold more than 49.7 million shares at VND 10,000 per share, raising over VND 497.3 billion, under offering certificate 463/GCN-UBCK dated 11 December 2025.
• Net proceeds after expenses were approximately VND 496.7 billion.
• VND 391.4 billion was earmarked to pay for the transfer of shares in Cam Lam - Vinh Hao Expressway JSC.
• VND 104 billion was earmarked for the transfer of shares in ICV Vietnam Investment and Construction JSC, payable to Deo Ca Group JSC.
• Just over VND 2 billion was allocated to machinery, transport equipment and other fixed assets.
• The company confirmed full disbursement as of 16 September 2026.
• H1 2026 audited results: revenue of more than VND 1,877.2 billion (+11.6% year-on-year) and after-tax profit of nearly VND 389.2 billion (+20%).
• Total assets reached more than VND 41,115.9 billion at 30 June 2026, with fixed assets at VND 27,246.5 billion, or 66.3% of the total; total liabilities were nearly VND 28,077.9 billion, including VND 17,875 billion of borrowings and finance leases.

What Happened

In a filing reporting progress on the use of proceeds from its public share offering, Deo Ca Transport Infrastructure Investment said it had sold more than 49.7 million shares at VND 10,000 each, raising over VND 497.3 billion. The offering was conducted under a certificate issued by the Chairman of the State Securities Commission on 11 December 2025. After deducting expenses, the company recorded net proceeds of approximately VND 496.7 billion.

The planned allocation was VND 391.4 billion for the transfer of shares in Cam Lam - Vinh Hao Expressway JSC and VND 104 billion for shares in ICV Vietnam Investment and Construction JSC, both payable to Deo Ca Group JSC, with just over VND 2 billion for machinery, transport equipment and other fixed assets. The company said the disbursement was completed as of 16 September 2026. Separately, its reviewed H1 2026 consolidated financial statements showed revenue of more than VND 1,877.2 billion, up 11.6%, and after-tax profit of nearly VND 389.2 billion, up 20% year-on-year.

Market Context

HHV closed at 9,350 on 16 September 2026, below the VND 10,000 offer price, a gap that matters for investors who participated in the raise. The balance sheet remains asset-heavy and leveraged: fixed assets of VND 27,246.5 billion represented 66.3% of total assets at 30 June 2026, while borrowings and finance leases of VND 17,875 billion accounted for 63.7% of total liabilities. For a HOSE-listed infrastructure name, the profile is typical of toll-road operators that carry long-dated debt against concession assets, and the stock’s discount to the offer price reflects how the market is currently pricing that structure.

Strategic Significance

The raise converts equity into control of toll-road assets rather than into working capital, which is the central strategic point. By acquiring stakes in Cam Lam - Vinh Hao Expressway and ICV Vietnam from Deo Ca Group, HHV deepens its position in the north-south expressway corridor and consolidates related-party assets onto its own balance sheet. For long-term holders, the thesis rests on whether those concessions generate cash flow sufficient to service VND 17,875 billion of borrowings and finance leases while still funding maintenance and expansion. The 20% profit growth in H1 2026 suggests the existing portfolio is performing, but the shares trading below the VND 10,000 offer price indicates the market wants more evidence on cash generation and leverage reduction.

What to Watch

• Full-year 2026 audited results, to test whether the 20% H1 profit growth rate holds.
• Toll revenue disclosures for Cam Lam - Vinh Hao Expressway and ICV Vietnam following the stake transfers.
• Any change in the VND 17,875 billion borrowing and finance lease balance, and the related interest cost line.
• Related-party transaction disclosures covering payments to Deo Ca Group JSC.
• Foreign-ownership and share-count filings confirming the post-offering capital structure.