REE Subsidiary Exits Sử Pán 2 Hydropower in VND 282.4B Block Trade

Overview

Công ty TNHH Năng lượng REE, a subsidiary of Cơ Điện Lạnh REE (HOSE: REE), has completed the sale of its entire 39.12% holding in CTCP Thủy điện Sử Pán 2 (SP2), equal to 8.06 million shares, to CTCP Phát triển Năng lượng Hà Thành. The transaction removes REE’s direct exposure to the SP2 hydropower asset and transfers board and management control to the buyer.

Key Facts

• Năng lượng REE sold 8.06 million SP2 shares, equal to 39.12% of the company, leaving it with no remaining SP2 shares.
• Total consideration was VND 282.4 billion, an average of roughly VND 35,000 per share.
• The trade was executed on 16/9/2026 as a put-through (thỏa thuận) transaction; SP2 closed that session at VND 31,300.
• SP2’s extraordinary general meeting on 24/08/2026 approved the transfer in advance.
• Buyer CTCP Phát triển Năng lượng Hà Thành was established in 2020, is headquartered in Lào Cai, and raised its charter capital to VND 500 billion in July 2022.
• SP2 reported H1 2026 revenue and income of nearly VND 72 billion, up 7.5% year on year, and after-tax profit above VND 16 billion, up 38.6%.
• The same meeting removed three board members, including Chairman Nguyễn Xuân Hồng, and both supervisory board members.

What Happened

According to the shareholder filing reported by the source, Năng lượng REE completed the sale of all 8.06 million SP2 shares on 16/9/2026. The buyer, CTCP Phát triển Năng lượng Hà Thành, lifted its ownership to 39.12% of Thủy điện Sử Pán 2. The transfer had already been approved by SP2’s extraordinary general meeting on 24/08/2026, so the block trade formalised a decision shareholders had taken roughly three weeks earlier.

The same extraordinary meeting reshaped SP2’s governance. It dismissed Chairman Nguyễn Xuân Hồng and board members Phạm Sỹ Long and Trần Đức Thành, along with Chief Supervisor Hoàng Công Huân and supervisor Hà Thị Hải Yến. In their place, shareholders elected Lê Đức Dũng, Trần Văn Hài and Phạm Tuấn Huy to the board, plus Bùi Hà Phương Anh and Phạm Thị Thơi to the supervisory board. Trần Văn Hài, who is also director of Hà Thành Energy, was elected board chairman; Lê Đức Dũng, Hà Thành Energy’s deputy director, became general director and legal representative. Bùi Hà Phương Anh was named chief supervisor and Nguyễn Kim Hạnh chief accountant.

Market Context

REE trades on the HoSE and closed at VND 47,300 on 23/09/2026. SP2 closed at VND 24,000 on the same date, well below the roughly VND 35,000 per-share average of the put-through, a premium of about 46% to the market close. SP2 is a small-cap hydropower name, and the sale is a portfolio-trimming move by REE rather than a change to its core mechanical and electrical contracting and energy platform. The deal is small relative to REE’s market capitalisation, so the read-through for REE is strategic rather than earnings-driven.

Strategic Significance

For REE, the exit simplifies a minority hydropower holding where it did not control the asset, freeing capital for its larger energy and utilities pipeline. For SP2, the change is more consequential: Hà Thành Energy now holds 39.12% and simultaneously supplies the chairman, general director and legal representative, giving one shareholder effective operational control. Minority investors in SP2 should note that the buyer acquired at a premium to the traded price, which implies Hà Thành Energy values the asset above the market’s mark, and that SP2’s H1 2026 profit growth of 38.6% was driven by favourable hydrology and lower interest costs rather than structural change. The governance reset means future related-party transactions and capital plans will be set by the new controlling group.

What to Watch

• SP2’s Q3 2026 results, to test whether the H1 hydrology-driven profit growth persists into the dry-season transition.
• Any SP2 disclosure on related-party transactions with Hà Thành Energy or its affiliates following the board change.
• REE’s Q3 2026 earnings and any further divestment announcements from Năng lượng REE.
• Hydropower reservoir levels and rainfall data for the Sử Pán 2 catchment in northern Vietnam.
• Any subsequent SP2 share purchases by Hà Thành Energy that would trigger a mandatory tender offer threshold.