SCIC to Auction 63.38% Stake in Seaprodex (SEA) at 38% Premium

Overview

SCIC (State Capital Investment Corporation) has registered to auction its entire 63.38% stake in Seaprodex (SEA), a seafood and real estate company listed on UPCOM. The starting price of VND 107,400 per share values the deal at over VND 8,509 billion (approximately USD 340 million), a premium of about 38% to the current market price. The auction, scheduled for September 29, 2026, comes after SEA shares surged 53% in the past month, partly driven by acquisitions by Novaland-related entities.

Key Facts

• SCIC will auction 79.228 million SEA shares, representing 63.38% of Seaprodex’s charter capital.
• The auction is set for 9:00 AM on September 29, 2026, at the Hanoi Stock Exchange (HNX).
• Starting price is VND 107,400 per share, implying a total deal value of over VND 8,509 billion (about USD 340 million).
• The price values Seaprodex at approximately VND 13,400 billion.
• SEA shares rose about 53% in the past month to VND 77,900, giving a market cap above VND 9,700 billion.
• The starting price is about 38% higher than the current market price.
• In late 2025, Ngan Hiep Real Estate JSC (a Novaland subsidiary) bought over 30 million SEA shares, becoming the second-largest shareholder with 24.03%.
• Redwood Investment JSC, also linked to Novaland, acquired over 10.5 million shares, holding 8.44%.
• Seaprodex’s H1 2026 revenue reached VND 434.8 billion (+29% YoY), but net profit fell 7% to over VND 100 billion.
• Seaprodex will pay a 5% cash dividend for 2025; record date September 22, payment October 16.

What Happened

According to an announcement from the Hanoi Stock Exchange (HNX), SCIC has registered to sell its entire stake in Seaprodex (SEA) through an auction. The state-owned investor will offer 79.228 million shares, equivalent to 63.38% of the company’s charter capital. The starting price for the entire lot is over VND 8,509 billion, or about VND 107,400 per share, which values Seaprodex at roughly VND 13,400 billion.

This auction follows a sharp rally in SEA shares, which climbed about 53% over the past month to VND 77,900, lifting the company’s market capitalization above VND 9,700 billion. Notably, the starting price is still about 38% above the current market price, indicating SCIC’s expectation of a premium valuation. The stake sale comes after Novaland-related entities, including Ngan Hiep Real Estate JSC and Redwood Investment JSC, accumulated significant positions in Seaprodex, making them the second-largest and a major shareholder, respectively.

Market Context

SEA shares have been on a strong uptrend, closing at VND 76,000 on September 3, 2026, after a 53% surge in a month. The stock trades on UPCOM, where liquidity is typically lower than HOSE or HNX, but the recent buying interest from Novaland-linked firms has boosted activity. The auction price implies a price-to-book ratio well above the sector average, reflecting the value of Seaprodex’s prime real estate assets, including its headquarters at 2-4-6 Dong Khoi, District 1, Ho Chi Minh City. The broader Vietnamese market has seen increased M&A activity, especially involving state-owned enterprises divesting stakes.

Strategic Significance

For long-term investors, this auction represents a rare opportunity to acquire a controlling stake in a company with valuable land assets in the heart of Ho Chi Minh City. Seaprodex’s core seafood business is stable, but the real value lies in its real estate portfolio, which could be developed into office, commercial, and hotel properties. The involvement of Novaland, a major real estate developer, suggests that the land assets are the primary attraction. If the auction succeeds at the starting price, it would set a precedent for valuing state-owned enterprises with hidden asset value. However, the high premium may deter some bidders, and the outcome will depend on competition among strategic investors.

What to Watch

• The auction result on September 29, 2026, and the final winning price.
• Whether Novaland-related entities or other real estate developers participate and increase their stakes.
• Any regulatory approvals required for the stake transfer, given the state ownership.
• Seaprodex’s Q3 2026 earnings report to assess operational performance.
• Development plans for the Dong Khoi land site, which could unlock significant value.
• The dividend payment on October 16, 2026, and its impact on shareholder returns.