Agtex 28 to Sell 2.5M MBB Shares at 8x Cost Basis in Q4 2026

Overview

Agtex 28 (Công ty TNHH MTV Tổng công ty 28), a textile company under the Ministry of Defence’s logistics arm, has approved a plan to sell 2.5 million shares of Military Commercial Joint Stock Bank (MBB) at a minimum price of VND 20,290 per share during Q4 2026. The stake equals 0.025% of MBB’s outstanding shares and 5.601% of Agtex 28’s current MBB holding. The sale price is nearly eight times Agtex 28’s original cost basis, making it a notable profit-taking event for the seller rather than a material ownership change for MBB.

Key Facts

• Agtex 28 will sell 2.5 million MBB shares at a minimum VND 20,290 per share in Q4 2026 via public order matching on HOSE.
• The stake represents 0.025% of MBB’s outstanding shares and 5.601% of Agtex 28’s holding as of 1 October 2026.
• Agtex 28 currently holds about 44.63 million MBB shares; after a full sale it would hold roughly 42.13 million.
• The original cost basis was about VND 2,542 per share, based on 35.7 million MBB shares with a VND 90.75 billion book value at 31 December 2025.
• The minimum sale price is 7.98 times the original cost, implying a pre-tax gain of more than VND 43 billion if all 2.5 million shares are sold.
• A September 2026 valuation by Vietnam Audit and Valuation Co. Ltd. put the 2.5 million MBB shares at VND 50.72 billion, or VND 20,290 per share.
• In 2025, Agtex 28 received 13.04 million MBB bonus shares and sold 2.5 million MBB shares, reducing its original cost by about VND 6.35 billion.

What Happened

Agtex 28 issued a decision approving the transfer of 2.5 million MBB shares at a minimum price of VND 20,290 per share in Q4 2026, according to the company’s approved plan. The shares will be sold publicly through order matching on the Ho Chi Minh Stock Exchange (HOSE). The company’s 2025 consolidated financial statements showed it held 35.7 million MBB shares with an original cost of VND 90.75 billion as of 31 December, equivalent to about VND 2,542 per share, while the fair value of that investment was recorded at VND 903.4 billion.

The approved minimum price is based on a September 2026 valuation by Vietnam Audit and Valuation Co. Ltd., which assessed the 2.5 million MBB shares at VND 50.72 billion, or VND 20,290 per share. That is 7.98 times the original cost recorded at 31 December 2025. If the full 2.5 million shares are sold at the minimum price, the pre-tax gain before transaction costs would exceed VND 43 billion. Agtex 28 is a unit of the General Department of Logistics under the Ministry of Defence, with registered charter capital of VND 700 billion and paid-in capital of VND 573.6 billion as of 31 December 2025. Its headquarters are in Gò Vấp District, Ho Chi Minh City.

Market Context

MBB closed at VND 19,200 on 6 October 2026, below the VND 20,290 minimum sale price Agtex 28 has set. The planned sale is small relative to MBB’s total shares outstanding, representing only 0.025%, so it is unlikely to affect the bank’s share price or liquidity in a meaningful way. MBB trades on HOSE and is one of Vietnam’s largest listed joint-stock commercial banks by assets. The sale fits a broader pattern of state-linked and military-affiliated shareholders realizing gains on bank stakes after several years of strong sector performance.

Strategic Significance

For MBB investors, the sale is a minor portfolio adjustment by a small shareholder and does not change the bank’s ownership structure, governance, or capital position. The more relevant signal is the valuation reference: a defence-sector shareholder with a long-held position is willing to sell at VND 20,290, roughly 5.7% above MBB’s 6 October close of VND 19,200. That suggests the seller sees limited near-term upside beyond that level, or simply wants to lock in an eightfold gain. For Agtex 28, the disposal is a financial-income event: in 2025, MBB share sales contributed VND 56.5 billion to financial revenue, up 53.7% year on year, and the company’s after-tax profit rose 14.7% to VND 135.3 billion. The Q4 2026 sale could add a similar or larger one-off gain, depending on the achieved price.

What to Watch

• Actual sale execution and achieved price on HOSE during Q4 2026, versus the VND 20,290 minimum.
• Agtex 28’s 2026 financial statements for the realized gain and any change to its remaining MBB holding.
• MBB’s share price relative to VND 20,290, as a reference for whether the seller’s valuation view holds.
• Any further stake-sale announcements from Agtex 28 or other military-affiliated MBB shareholders.
• MBB’s Q3 and Q4 2026 earnings releases for underlying bank performance, which matter more than this small stake sale.