SCIC to Auction 63.38% Seaprodex (SEA) Stake at VND 8,509B

Overview

State Capital Investment Corporation (SCIC) plans to auction its entire 63.38% stake in Seaprodex (ticker SEA, UPCOM) on September 29, 2026, at a starting price of VND 8,509 billion (approximately USD 340.4 million). The auction values the company at over VND 13,400 billion, a premium to its book assets and current market price. Novaland-related shareholders, who already hold 32.47%, are viewed as potential bidders.

Key Facts

• SCIC will auction 79.23 million SEA shares, equal to 63.38% of Seaprodex, on September 29, 2026.
• Starting price: VND 8,509 billion, or VND 107,400 per share, 45% above SEA’s close of VND 74,000 on September 12, 2026.
• Implied company valuation: over VND 13,400 billion, versus total assets of VND 2,905 billion at end-June 2026.
• Novaland-related shareholders: Địa ốc Ngân Hiệp holds 24.03% and Redwood Investment JSC holds 8.44%, totaling 32.47%.
• Seaprodex’s key asset is a 1,522.2 m2 land plot at 2-4-6 Đồng Khởi, Hồ Chí Minh City, with three street frontages, planned for a 20-storey mixed-use complex.
• The land is carried at over VND 692 billion on the books; land use rights certificate had not been issued as of June 30, 2026.
• Seaprodex holds 22.08% of Proconco, valued at nearly VND 1,143 billion at end-June 2026, up 77 billion from the start of the year.

What Happened

According to the auction plan, SCIC will sell its entire holding of 79.23 million SEA shares, representing 63.38% of Seaprodex, on September 29, 2026. The starting price of VND 8,509 billion equates to VND 107,400 per share, a 45% premium to SEA’s market price of VND 74,000 per share on September 12, 2026. SEA shares had previously risen 60% from VND 50,000 to nearly VND 80,000 in a short period.

Current shareholders include Địa ốc Ngân Hiệp with 24.03% and Redwood Investment JSC with 8.44%, both linked to Novaland, together holding 32.47%, second only to SCIC. The auction price is notable because Seaprodex’s total assets at end-June 2026 were only VND 2,905 billion, implying a valuation 4.6 times book assets. The company’s most valuable asset is the 1,522.2 m2 land plot at 2-4-6 Đồng Khởi, with three street frontages, planned for a hotel, commercial, office, and apartment complex up to 20 storeys. Although the land is recorded at over VND 692 billion, the land use rights certificate had not been granted as of June 30, 2026, preventing project implementation. Seaprodex also owns 22.08% of Proconco, valued at nearly VND 1,143 billion, which contributed VND 74.4 billion in associate profits in H1 2026.

Market Context

SEA trades on the UPCOM exchange. The stock closed at VND 74,000 on September 12, 2026, after a 60% rally from VND 50,000 to nearly VND 80,000. The auction starting price of VND 107,400 per share represents a 45% premium to the current market price, which may attract investors if the land asset is revalued. The Vietnamese real estate sector has seen increased interest in prime land assets, and the involvement of Novaland-related shareholders adds a speculative element.

Strategic Significance

For long-term investors, the auction represents a rare opportunity to acquire control of a company with a prime Hồ Chí Minh City land asset that is significantly undervalued on the books. The strategic thesis hinges on the potential redevelopment of the Đồng Khởi plot into a high-value mixed-use complex, which could unlock substantial value if the land certificate is obtained. The presence of Novaland-linked shareholders suggests a possible takeover battle, with Novaland potentially seeking to consolidate its position. However, the premium to book value and the unresolved land certificate introduce execution risk.

What to Watch

• The auction date on September 29, 2026, and whether Novaland-related entities submit bids.
• Progress on obtaining the land use rights certificate for the Đồng Khởi plot.
• Any regulatory updates from Hồ Chí Minh City authorities regarding the land valuation and project approval.
• Seaprodex’s Q3 2026 earnings release, particularly the performance of its Proconco stake.
• Foreign ownership limits and any changes in shareholder structure post-auction.