AgriS boosts TTC Phu Quoc stake to 36.65% as TTC Land skips rights issue

Overview

Toan Hai Van (TTC Phu Quoc) is set to raise up to 50 million shares at 10,000 VND each, increasing its charter capital from 2,465 billion VND to 2,965 billion VND. While TTC Land (SCR) has announced it will not participate and will transfer its rights, AgriS (SBT) has raised its ownership to approximately 36.65%, signaling continued financial support for the project developer.

Key Facts

• Toan Hai Van plans to issue up to 50 million shares at 10,000 VND per share, raising charter capital from 2,465 to 2,965 billion VND.
• The rights issue was approved at the AGM on June 25, 2026, with over 97% approval (more than 239 million shares).
• TTC Land (SCR) holds a 7.61% voting stake in Toan Hai Van and will transfer its rights to 3.86 million shares.
• AgriS (SBT) holds over 90.3 million shares, representing about 36.65% of Toan Hai Van, with voting rights of 39.88% including subsidiary Growfin.
• AgriS increased its stake by more than 14 million shares, with the book value of its investment rising to 2,562 billion VND, up about 682 billion VND year-over-year.
• Toan Hai Van is the developer of the Vinh Dam Complex, a 290-hectare mixed-use project with total investment of 12,664 billion VND.

What Happened

Toan Hai Van, the developer behind the Vinh Dam Complex on Phu Quoc Island, has received shareholder approval to raise new capital through a rights issue of up to 50 million shares at 10,000 VND each. The plan, approved at the annual general meeting on June 25, 2026, with over 97% support, aims to increase charter capital from 2,465 billion VND to 2,965 billion VND to fund project investments.

In a surprising move, TTC Land (SCR), a major shareholder with a 7.61% voting stake, announced in late August that it would not participate in the offering and would transfer its rights to 3.86 million shares. Meanwhile, AgriS (SBT), the agricultural arm of the Thanh Thanh Cong Group, has increased its stake to approximately 36.65%, adding over 14 million shares. This brings the combined ownership of Thanh Thanh Cong Investment, AgriS, and TTC Land to over 90% of Toan Hai Van.

Market Context

TTC Land (SCR) trades on HOSE, closing at 4,510 VND on September 5, 2026. The stock has faced headwinds amid the real estate sector’s slow recovery. AgriS (SBT) also trades on HOSE, closing at 23,000 VND on the same date. The capital raise comes as TTC Group consolidates its real estate and agricultural investments, with AgriS increasing its financial commitment to Toan Hai Van while simultaneously reducing economic transactions with the company, having recovered 418 billion VND in land deposits and all outstanding loans.

Strategic Significance

AgriS’s increased stake in Toan Hai Van signals a strategic alignment within the TTC Group, potentially positioning the agricultural company to benefit from the development of the Vinh Dam Complex. However, AgriS’s near-complete withdrawal from economic transactions with Toan Hai Van—reducing sales to just 67 million VND in Q2 2026—suggests a focus on equity participation rather than operational involvement. TTC Land’s decision to skip the rights issue may reflect its own capital constraints or a strategic shift away from the project, leaving AgriS and Thanh Thanh Cong Investment to fund the expansion.

What to Watch

• Completion of the rights issue and the actual allocation of shares, especially if existing shareholders do not fully subscribe.
• AgriS’s next financial reports to see if it continues to increase its stake or resumes economic transactions with Toan Hai Van.
• TTC Land’s future involvement in the Vinh Dam Complex, including its 1,748 billion VND business cooperation contract.
• Progress of the Vinh Dam Complex project and any updates on its funding and development milestones.
• Regulatory approvals and any changes in ownership structure that could affect control dynamics within TTC Group.