SBT Insider Filing Corrected: Nguyen Thi Phuong Thao Bond Conversion Moved to September 14, 2026

Overview

Thanh Thanh Cong - Bien Hoa (HOSE: SBT) issued a correction to its insider transaction disclosure, moving the conversion date for bond series SBT425026 into SBT shares from August 28, 2026 to September 14, 2026. The change applies to Vice CEO Nguyen Thi Phuong Thao and six other key executives, and aligns their transactions with the closing date of the share issuance reported in filing 374/2026/BC-SBT. The correction matters because it fixes the timing of a conversion that adds roughly 28.2 million shares to SBT’s listed base.

Key Facts

• Conversion date for bond series SBT425026 revised from 28/8/2026 to 14/9/2026; all other details in the 9/9 report are unchanged.
• Vice CEO Nguyen Thi Phuong Thao held more than 1.37 million SBT shares, about 0.15% of voting shares, plus 3,334 convertible bonds before the transaction.
• Conversion ratio applied: 1 bond to 5.9345 SBT shares, taking Thao’s holding to 1,392,315 shares after conversion.
• Other executives adjusting schedules: Chairman Dang Huynh Uc My, board member Huynh Bich Ngoc, Deputy General Director Huynh Van Phap, Dinh Vu Quoc Huy, Hoang Manh Tien and Nguyen Huu Dat.
• SBT reported issuing 28,219,113 shares to convert SBT425026 bonds at a conversion price of VND 16,851 per share.
• Registered conversion value at par exceeded VND 475.51 billion; shares outstanding rose to 956,245,488.
• SBT closed at VND 23.00 (-0.44%) on 22/9/2026 with volume of 1,018,900 shares.

What Happened

Thanh Thanh Cong - Bien Hoa (SBT) published a correction notice stating that the transaction date for converting SBT425026 bonds into SBT shares had been amended from August 28, 2026 to September 14, 2026. The company said the revision was made to match the closing date of the issuance period as set out in the issuance results report numbered 374/2026/BC-SBT. Apart from the timing, the company said, the information in the September 9 report remains unchanged.

The filing covers Vice CEO Nguyen Thi Phuong Thao and a group of senior colleagues: Chairman Dang Huynh Uc My, board member Huynh Bich Ngoc, Deputy General Director Huynh Van Phap, and individuals Dinh Vu Quoc Huy, Hoang Manh Tien and Nguyen Huu Dat. Each adjusted their transaction window from August 28 to September 14 for the same reason, to synchronise with the issuance closing date. Before converting, Thao held more than 1.37 million SBT shares, equal to roughly 0.15% of voting shares, and 3,334 convertible bonds. All of those bonds were converted at a ratio of 1:5.9345, lifting her holding to 1,392,315 shares. The company previously reported issuing 28,219,113 shares to convert the bond series at VND 16,851 per share, with registered par value above VND 475.51 billion, bringing shares outstanding to 956,245,488.

Market Context

SBT trades on the HOSE and closed at VND 23.00 on 22/9/2026, down 0.44% on volume of 1,018,900 shares. The stock sits in the Consumer Staples sector, where sugar names have faced pressure from global sugar price swings and domestic supply policy. The conversion price of VND 16,851 is well below the current market price, meaning bondholders converting into equity are doing so at a discount to the traded level. The addition of 28.2 million shares is modest relative to the 956.2 million shares now outstanding, so the dilution effect on the register is limited, but the filing is a reminder that SBT’s capital structure still carries convertible debt tied to insider holdings.

Strategic Significance

The correction itself is administrative, but it clarifies the ownership map at SBT. A group of senior executives, including the Vice CEO and the Chairman, are converting bonds into shares on the same schedule, which concentrates more equity in the hands of the existing leadership group. For long-term investors, the relevant question is whether the VND 16,851 conversion price and the resulting share count signal confidence in the sugar and food-ingredient business, or simply the mechanical unwind of a bond series issued earlier. Because the conversion adds shares without new cash, the transaction does not strengthen the balance sheet; it reduces debt and increases equity, which matters for leverage ratios and earnings-per-share calculations going forward.

What to Watch

• SBT’s next periodic disclosure on shares outstanding and foreign ownership room after the September 14 conversion settles.
• Any further filings from Chairman Dang Huynh Uc My or other executives showing post-conversion holdings.
• Q3 2026 earnings release for SBT, which will show the first full quarter reflecting the higher share count.
• Domestic sugar price and policy updates from the Ministry of Industry and Trade, given SBT’s exposure to import quota and anti-dumping measures.
• Remaining convertible bond series outstanding and their conversion schedules, which could add further shares.