REE Energy to Sell 39.12% Stake in Su Pan 2 Hydropower to Ha Thanh Energy

Overview

REE Energy, a subsidiary of HOSE-listed Cơ Điện Lạnh (REE), has registered to sell its entire 39.12% stake in CTCP Thủy điện Sử Pán 2 (SP2) to CTCP Phát triển Năng lượng Hà Thành. The transaction covers 8.06 million SP2 shares and is scheduled to run from 14 to 30 September 2026, with an estimated proceeds of more than VND 217 billion based on the 11 September reference price of VND 27,000 per share.

Key Facts

• REE Energy will divest 8.06 million SP2 shares, equal to 39.12% of Su Pan 2 Hydropower’s charter capital.
• Estimated gross proceeds: more than VND 217 billion (approximately USD 8.7 million) at VND 27,000 per share.
• Trading window: 14 to 30 September 2026; REE Energy will hold zero SP2 shares on completion.
• REE’s balance sheet recorded a VND 196.4 billion investment in Su Pan 2 as of 30 June 2026, matching the 39.12% stake.
• Su Pan 2 operates a 34.5 MW hydropower project with total investment capital of VND 1,245 billion, established 9 March 2006.
• Other major shareholders at end-Q2 2026: Trịnh Đức Vinh (23%), Trịnh Thu Hạnh (15%) and Bùi Tuấn Huy (8.1%).
• Ha Thanh Energy, founded in 2020 in Lào Cai, has charter capital of VND 500 billion; its director Trần Văn Hài was elected SP2 board chairman and its deputy director Lê Đức Dũng became SP2 general director.

What Happened

The sale was approved by an extraordinary general meeting of shareholders in late August 2026, which authorised REE Energy to transfer its full SP2 holding to Ha Thanh Energy. The same meeting reshuffled SP2’s governance: three board members were removed, including chairman Nguyễn Xuân Hồng, along with two supervisory board members. In their place, shareholders elected Lê Đức Dũng, Trần Văn Hài and Phạm Tuấn Huy to the board, and Bùi Hà Phương Anh and Phạm Thị Thơi to the supervisory board. Trần Văn Hài subsequently became SP2 chairman, Lê Đức Dũng was appointed general director and legal representative, Bùi Hà Phương Anh took the supervisory board chair, and Nguyễn Kim Hạnh became chief accountant.

The incoming leadership overlaps directly with the buyer. Trần Văn Hài serves as director of Ha Thanh Energy and Lê Đức Dũng as its deputy director, meaning the acquirer’s management already controls SP2’s board and executive team ahead of the share transfer. SP2 shares rose to VND 27,000 on the morning of 11 September, and that level is used as the working reference for the estimated VND 217 billion proceeds. The article does not disclose a formally agreed transaction price or any escrow or payment terms.

Market Context

REE closed at VND 45,500 on 10 September 2026 on HOSE, where it trades under the Utilities sector. The divestment is small relative to REE’s market capitalisation and its broader energy, water and real-estate portfolio, so the direct earnings impact is limited. The disposal nonetheless fits a pattern of Vietnamese industrial groups trimming minority stakes in small hydropower assets, where valuations have firmed on higher regional power demand and the prospect of a revised power development plan. SP2 itself is thinly traded, and the 11 September price move suggests the market was already pricing in the ownership change.

Strategic Significance

For REE, the exit converts a non-controlling 39.12% position in a 34.5 MW asset into cash at a modest premium to the VND 196.4 billion carrying value recorded at 30 June 2026. That is consistent with management’s preference for controlling or strategically relevant energy holdings rather than passive minority stakes in small hydro projects. The governance reshuffle at SP2, completed before the share transfer, indicates the buyer is taking operational control rather than acting as a financial investor, which reduces the risk of post-closing disputes but also means REE forfeits any future upside from the asset. For Ha Thanh Energy, a Lào Cai-based company with VND 500 billion in charter capital, the purchase consolidates a local hydropower platform and aligns ownership with management.

What to Watch

• Confirmation that the 8.06 million SP2 shares were transferred within the 14 to 30 September 2026 window.
• REE’s Q3 2026 financial statements, which should show the realised gain or loss against the VND 196.4 billion carrying value.
• Any subsequent SP2 disclosures on board composition, dividend policy or project expansion under Ha Thanh Energy control.
• Ha Thanh Energy’s funding arrangements for the estimated VND 217 billion payment, which the article does not detail.
• Further REE portfolio disposals or acquisitions in the energy segment, given the group’s stated focus on core holdings.