PC1 to Divest 40% Tan Thanh Stake as H1 Profit Rises 54%

Overview

PC1 Group (HOSE: PC1) plans to transfer its entire 40% stake in Tan Thanh, equivalent to 1.2 million shares, during Q3-Q4 2026, according to a resolution signed by Chairman Trinh Khanh Linh on 30 September 2026. The divestment comes just over a year after PC1 acquired the stake for VND 16.5 billion, and it lands alongside audited H1 2026 net profit of VND 477.6 billion, up 54% year-on-year. The move matters for PC1 shareholders because it reverses a recent associate-company investment while the group’s core power-infrastructure pipeline remains active.

Key Facts

• PC1 will divest 1.2 million Tan Thanh shares, equal to 40% of the target’s charter capital, in Q3-Q4 2026.
• The stake was acquired under a 3 April 2025 board resolution and completed at VND 16.5 billion, making Tan Thanh an associate of PC1.
• The sale price has not been disclosed, so the financial outcome of the transaction cannot yet be determined.
• Tan Thanh operates in quarrying and processing of stone, sand, gravel and earth.
• Audited H1 2026 consolidated net profit reached VND 477.6 billion, up 54% year-on-year, below the pre-audit VND 505.1 billion after additional short-term receivables provisions.
• CII and subsidiary CII Invest bought a combined 550,000 PC1 shares on 8 September, lifting the CII group’s holding to about 53.51 million shares, or 13.01% of charter capital.
• PC1 bid VND 517 billion for Package No. 9 of the 220kV Hoa Lac substation project, the highest of three bids at the 5 September opening against an estimate of over VND 518.5 billion.

What Happened

Under the resolution signed by Trinh Khanh Linh, born in 1999 and elected PC1 chairman at an extraordinary general meeting on 24 July 2026, the group intends to sell all 1.2 million ordinary shares it holds in Tan Thanh, representing 40% of that company’s total shares. The transaction is scheduled for the third and fourth quarters of 2026. PC1 had only entered the investment in 2025, when the board approved the acquisition on 3 April and completed it at VND 16.5 billion, turning Tan Thanh into an associate. Because no sale price was given, the article states there is no basis to assess the deal’s financial efficiency.

The divestment follows significant turnover in PC1’s senior leadership. Linh is the daughter of Trinh Van Tuan, a former PC1 chairman. Shareholder structure has also shifted: on 8 September, CII bought 360,000 PC1 shares and CII Invest added 190,000, taking the CII group’s combined position to roughly 53.51 million shares, or 13.01% of charter capital, above 13% for the first time. CII has described its PC1 investment as a long-term financial holding not aimed at participating in management or operations.

Market Context

PC1 closed at VND 20,750 on 30 September 2026, up 2.47% on the session, while CII closed at VND 12,150 the same day. PC1 trades on HOSE in the construction and materials sector, with exposure to power-infrastructure contracting, and the stock’s gain came on the same day the divestment resolution was signed. The CII group’s accumulation above 13% adds a financial-investor overhang to a register that has already seen leadership change in 2026.

Strategic Significance

The divestment tests PC1’s stated focus on large-scale power infrastructure. Exiting a quarrying associate barely a year after buying it suggests portfolio pruning rather than a strategic retreat, particularly as the group bids for the 220kV Hoa Lac package and related 110kV lines for EVNHANOI. For long-term holders, the key question is whether proceeds are redeployed into the electricity-infrastructure backlog, where PC1’s competitive position is strongest, or used to offset the receivables provisions that cut audited profit below the pre-audit figure. CII’s 13.01% stake, framed as passive and long-term, reduces the likelihood of a control contest but concentrates a meaningful block in a single financial holder.

What to Watch

• Disclosure of the Tan Thanh sale price and buyer, which will determine the gain or loss versus the VND 16.5 billion cost.
• Award decision on Package No. 9 of the 220kV Hoa Lac substation project, where PC1 bid VND 517 billion.
• Q3 2026 financial statements for evidence that receivables provisioning has peaked.
• Further CII or CII Invest purchases of PC1 shares and any change to the stated passive-investment stance.
• Any additional board resolutions under Chairman Trinh Khanh Linh signaling further portfolio restructuring.