PVI AM Sells 6.5 Million KBC Shares, Cuts Stake to 0.13%

Overview

PVI Fund Management (PVI AM) sold more than 6.5 million shares of Tổng Công ty Phát triển Đô thị Kinh Bắc (KBC, HOSE) on 15/10/2026, cutting its direct ownership from 0.83% to 0.13%. The disposal was disclosed in a filing to the State Securities Commission (UBCKNN), the Hồ Chí Minh City Stock Exchange and KBC itself, and brings PVI AM and related parties down to 5.44% of the industrial-park developer.

Key Facts

• PVI AM sold more than 6.5 million KBC shares in the 15/10/2026 trading session.
• Direct holding fell from nearly 7.8 million shares (0.83%) to nearly 1.3 million shares (0.13%).
• Combined holdings of PVI AM and related parties dropped to nearly 51.3 million shares, or 5.44%.
• The filing was submitted to UBCKNN, HOSE and KBC as a large-shareholder ownership change report (5% threshold).
• Separately, on 10/10/2026 KBC received notice that TPM360, a real-estate company with charter capital of VND 1,200B, became an indirect associate of Kinh Bắc via subsidiary HYG.
• KBC shares closed at VND 26,800 on 20/10/2026.

What Happened

PVI AM reported the transaction to the State Securities Commission, the Hồ Chí Minh City Stock Exchange and Tổng Công ty Phát triển Đô thị Kinh Bắc – CTCP, as required for investors holding 5% or more of a listed company’s shares. According to the filing, the fund manager sold more than 6.5 million KBC shares on 15/10/2026, reducing its position from close to 7.8 million shares (0.83%) to roughly 1.3 million shares (0.13%).

The filing also states that PVI AM’s holdings together with related parties fell to nearly 51.3 million shares, equivalent to 5.44% of KBC’s capital. The report does not disclose the transaction value or the average sale price. In a separate disclosure, KBC said it received notice on 10/10/2026 from Hung Yen Investment and Development Group (HYG), a KBC subsidiary, that TPM360 had become an associate of HYG and therefore an indirect associate of Kinh Bắc. TPM360 was established in June 2025 with charter capital of VND 490B, later raised to VND 1,200B.

Market Context

KBC closed at VND 26,800 on 20/10/2026, a few sessions after the 15/10 disposal. The stock trades on HOSE in the Real Estate sector, where industrial-park developers have been sensitive to land-clearance progress, lease-up announcements and foreign direct investment inflows into northern Vietnam. A fund manager trimming a sub-1% direct position is a routine portfolio action rather than a signal on KBC’s fundamentals, but the move is notable because the combined related-party stake now sits only 0.44 percentage points above the 5% threshold that triggers large-shareholder reporting obligations.

Strategic Significance

The key read-through for long-term holders is ownership structure rather than the sale itself. PVI AM’s direct stake was small, but the related-party block at 5.44% remains meaningful and close to the disclosure line; further sales by the group would require continued public filings and could gradually reduce an overhang. The TPM360 transaction points to Kinh Bắc’s continued use of subsidiary HYG as a vehicle for expanding its industrial and residential land platform in Hưng Yên, which is central to the company’s long-term lease revenue pipeline.

What to Watch

• Subsequent large-shareholder filings from PVI AM or related parties, given the 5.44% combined stake.
• KBC’s next quarterly disclosure on industrial-park leasing revenue and land-handover progress.
• Details on TPM360’s project pipeline in Hưng Yên and any capital contributions from HYG.
• Foreign-ownership and free-float updates for KBC on HOSE.
• Trading volume around the VND 26,800 level to gauge whether the PVI AM sale has been absorbed.