Singapore Major Shareholder Platinum Victory Targets 44.99% Stake in REE After Failed Bid

Overview

Singapore-based major shareholder Platinum Victory Pte. Ltd. has registered to buy over 20 million shares of REE (HOSE: REE), aiming to increase its ownership to 44.99% after a previous failed attempt. The registration follows REE’s strong Q1 2026 earnings, with revenue up 20% and net profit up 15%, supported by record new contracts in its M&E segment and expansion in wind energy.

Key Facts

• Platinum Victory registered to buy 20,485,510 REE shares from June 15 to July 14, 2026, via negotiated and order-matching methods.
• Current stake: 259,756,766 shares (41.70% of charter capital). Target stake: 280,242,276 shares (44.99%).
• Previous registration to buy 17,816,547 shares in an earlier period was unsuccessful, citing unfavorable market conditions.
• REE’s Q1 2026 revenue reached VND 2,477 billion (+20% YoY); net profit after tax was VND 939 billion (+15% YoY).
• M&E segment revenue grew 59.5% and net profit surged 120.1% in Q1 2026, with new contracts signed at a record VND 4,865 billion.
• REE’s wind energy portfolio expanded: Duyen Hai V1-4 (48 MW) commenced commercial operation in March 2026; Duyen Hai 2 and 3 (128 MW total) expected in Q4 2026. REE also completed acquisition of 90% of Phu Cuong Wind Power (200 MW).
• Office leasing segment revenue rose 15.1% to VND 313 billion, net profit up 19.2% to VND 132 billion in Q1 2026.

What Happened

Platinum Victory Pte. Ltd., a Singapore-based entity and major shareholder of REE (Refrigeration Electrical Engineering Corporation), has registered to purchase 20,485,510 REE shares. The transaction is scheduled from June 15 to July 14, 2026, and will be executed via negotiated and order-matching methods on the HOSE. If successful, Platinum Victory’s stake will increase from 41.70% to 44.99% of REE’s charter capital.

This registration follows a previous failed attempt by Platinum Victory to buy 17,816,547 REE shares, which yielded no purchases due to unfavorable market conditions. Notably, the shareholder’s total REE holdings have still increased by over 33.88 million shares since then, but solely from REE’s stock dividend issuance (15% ratio), not from open-market purchases.

Market Context

REE shares closed at VND 50,600 on June 11, 2026, up 0.60% with volume of 250,000 shares. The stock has been supported by the company’s solid Q1 2026 results and ongoing expansion in high-growth segments. REE is listed on HOSE and operates in energy, M&E (mechanical and electrical), and real estate leasing. The broader market has seen selective foreign interest in blue-chip stocks, with Platinum Victory’s persistent accumulation attempts signaling confidence in REE’s long-term prospects.

Strategic Significance

Platinum Victory’s renewed bid to increase its stake underscores its strategic commitment to REE, particularly as the company diversifies into renewable energy and maintains a strong M&E backlog. The failed prior attempt suggests price sensitivity, but the current registration at prevailing market levels indicates a favorable entry point. REE’s Q1 performance, driven by record M&E contracts and wind farm additions, supports the thesis of sustained earnings growth. The stake increase could also pave the way for greater board influence or strategic alignment with the Singapore-based shareholder.

What to Watch

• Completion of the share purchase by July 14, 2026, and any price impact during the trading period.
• REE’s Q2 2026 earnings release to confirm momentum in M&E and energy segments.
• Progress of Duyen Hai 2 and 3 wind projects (128 MW) toward commercial operation in Q4 2026.
• Any further stake changes or strategic announcements by Platinum Victory or other major shareholders.
• REE’s capital management plans, including potential ESOP issuance as indicated in June 2026.