Deo Ca Group acquires 25M HHV shares, becomes major shareholder

Overview

Deo Ca Group (Tập đoàn Đèo Cả) has acquired 25 million shares of HHV (Đầu tư Hạ tầng Giao thông Đèo Cả) from Hai Thach B.O.T, raising its stake to 7.21% and becoming a major shareholder. The transaction, executed via a deal on July 28, is part of a restructuring to consolidate ownership under the parent company. HHV also reported strong H1 2026 results with revenue up 11.6% and profit up 20%.

Key Facts

• Hai Thach B.O.T sold 25 million HHV shares via a deal on July 28, reducing its stake from 13.35% (76.67 million shares) to 8.99% (51.67 million shares).
• Deo Ca Group bought 25 million HHV shares on the same day, increasing its stake from 2.86% (16.4 million shares) to 7.21% (41.4 million shares).
• The transaction makes Deo Ca Group a major shareholder of HHV.
• The deal was conducted to restructure the investment portfolio, focusing resources and ownership of HHV shares under the parent company.
• HHV’s consolidated Q2 2026 revenue reached over VND 970 billion, up 2.5% year-on-year; net profit was nearly VND 172 billion, up 13.5%.
• H1 2026 consolidated revenue was over VND 1,877 billion, up 11.6%; net profit was over VND 389 billion, up 20%.
• Toll collection revenue in H1 2026 reached over VND 1,246 billion, up 16.8%, accounting for over 66% of total revenue.

What Happened

On July 28, Hai Thach B.O.T, a related party to insiders of HHV, reported selling 25 million HHV shares via a deal. Simultaneously, Deo Ca Group reported buying the same number of shares. The transaction was disclosed in regulatory filings, with Deo Ca Group stating the purpose was to restructure its investment portfolio and consolidate ownership of HHV shares under the parent company to optimize governance and enhance financial capacity.

Following the transaction, Deo Ca Group’s stake in HHV rose to 7.21%, making it a major shareholder. Both HHV and Hai Thach B.O.T are members of Deo Ca Group. Hồ Minh Hoàng serves as Chairman of both HHV and Deo Ca Group, and personally holds 0.43% of HHV. The combined holdings of Deo Ca Group and related individuals exceed 96 million shares, representing 16.71% of HHV’s capital.

Market Context

HHV shares closed at VND 10,200 on August 4, 2026, on the HOSE. The stock has been supported by the company’s solid operational performance, with H1 2026 revenue and profit growing double digits. The infrastructure sector in Vietnam remains a focus of government spending, and HHV’s BOT projects continue to generate stable cash flows. The stake consolidation by Deo Ca Group signals a strategic alignment that may attract investor attention.

Strategic Significance

This transaction underscores Deo Ca Group’s commitment to strengthening its control over HHV, a key infrastructure player. By consolidating ownership under the parent company, Deo Ca Group aims to improve governance and financial flexibility, which could facilitate future capital raising or project development. For long-term investors, the move reduces potential conflicts of interest among related parties and clarifies the corporate structure, potentially enhancing HHV’s appeal as a proxy for Vietnam’s infrastructure growth story.

What to Watch

• Further stake changes by Deo Ca Group or related parties, which could signal additional consolidation.
• HHV’s Q3 2026 earnings report, due in October, to see if growth momentum continues.
• Progress on major BOT projects, such as Đồng Đăng - Trà Lĩnh and Quảng Ngãi - Hoài Nhơn, which are key revenue drivers.
• Any regulatory announcements regarding toll fee adjustments or new infrastructure policies.
• Trading volume and foreign ownership changes in HHV following the stake consolidation.