PC1 Dividend 2025: 61.7 Million Shares at 15% Ratio on HOSE

Overview

PC1 Group (HOSE: PC1) has approved a plan to issue nearly 61.7 million shares to pay its 2025 dividend at a 15% ratio, funded entirely from audited retained earnings. The share issuance, disclosed in a board resolution, would raise charter capital from roughly VND 4,113 billion to VND 4,730 billion and is scheduled for implementation during 2026. The announcement comes as PC1 reported H1 2026 net profit up 54.2% year-on-year despite lower revenue.

Key Facts

• Dividend ratio of 15%, equivalent to a 100:15 exercise ratio: 100 shares held earn 15 new shares.
• Nearly 61.7 million new shares to be issued, with total par value of approximately VND 617 billion.
• Funding source: undistributed after-tax profit per PC1’s audited 2025 financial statements.
• Charter capital to rise from nearly VND 4,113 billion to approximately VND 4,730 billion if the issuance completes.
• Implementation expected in 2026, after the State Securities Commission confirms receipt of the issuance filing.
• Fractional shares will be rounded down to the nearest whole unit and cancelled.
• H1 2026 results: net revenue of over VND 4,206 billion (-12.3% year-on-year) and after-tax profit of nearly VND 477.6 billion (+54.2%).

What Happened

According to a board resolution published by PC1 Group, the company will issue nearly 61.7 million shares to existing shareholders as the 2025 dividend, applying a 15% ratio on total outstanding shares. Shareholders of record receive one right per share, with every 100 rights entitling the holder to 15 new shares. The shares will be rounded down to whole units, and any fractional entitlement will be cancelled. The issuance is valued at roughly VND 617 billion at par value and draws on undistributed after-tax profit from the audited 2025 financial statements.

The company said timing depends on the State Securities Commission confirming receipt of the issuance documentation, with execution targeted within 2026. Separately, the board issued Resolution No. 47/NQ-PC1-HDQT dated 29 September 2026 to transfer its entire 1.2 million-share stake, equal to 40% of the charter capital, in Tan Thanh JSC, with completion expected in Q3-Q4 2026. PC1 also reported audited H1 2026 consolidated results, attributing the profit increase mainly to residential real estate revenue and profit from the Thap Vang project, higher dividend distributions from subsidiaries, and favourable foreign-exchange movements.

Market Context

PC1 closed at VND 20,200 on 1 October 2026 on the Ho Chi Minh Stock Exchange, where it trades under the Construction & Materials industry grouping with exposure spanning infrastructure, real estate and energy. The 15% share dividend is a non-cash return of capital that increases the share count by roughly 15% without changing the company’s equity base, so the theoretical ex-rights reference price adjusts downward by a corresponding factor. The company’s balance sheet remains leveraged: total liabilities stood at over VND 15,719.1 billion as of 30 June 2026, of which borrowings and finance leases accounted for VND 12,216 billion, or 77.7% of total debt, against total assets of nearly VND 24,846 billion.

Strategic Significance

The dividend signals that PC1’s board is prioritising shareholder returns from accumulated earnings while preserving cash for a capital-intensive project pipeline in power and property. Because the payout is settled in shares rather than cash, it does not draw down liquidity, which matters given the VND 12,216 billion debt load and the long-dated construction work in progress of nearly VND 2,132.7 billion. The profit mix is shifting: the Thap Vang residential project has moved from development into revenue recognition, offsetting a 12.3% revenue decline and giving the group a second earnings engine alongside its traditional electrical equipment and energy contracting businesses. The Tan Thanh stake sale, if completed, would further streamline the portfolio toward core segments.

What to Watch

• State Securities Commission confirmation of the issuance filing, which triggers the record date and ex-rights trading session.
• The formal record date and exercise timetable, expected to be announced within 2026.
• Completion of the 40% Tan Thanh JSC stake transfer in Q3-Q4 2026 and any disclosed transaction value.
• Q3 2026 consolidated results for evidence that Thap Vang revenue recognition and subsidiary dividends can sustain the profit trend.
• Debt and interest-cost trajectory, given borrowings represent 77.7% of total liabilities.