SCIC to Auction 63.38% Seaprodex (SEA) Stake at VND 107,400/Share
This Aveluro analysis covers SEA (SEAPRODEX) on UPCOM in the Food & Beverage sector. The classified event type is stake change, with neutral sentiment and a deterministic market-impact score of 7.0/10. Source coverage came from Tuổi Trẻ - Kinh doanh, classified as a primary/top-tier source.
Key Facts
Caveat: Not investment advice. · How Aveluro computed this: Aveluro combines extracted event facts, source credibility, ticker context, and market data. Scores are deterministic research signals, not recommendations.
Overview
State Capital Investment Corporation (SCIC) has announced it will auction its entire 63.38% stake in Seaprodex (ticker SEA, UPCOM), equivalent to 79.228 million shares, at a starting price of VND 107,400 per share. The auction is scheduled for September 29, 2026 on the Hanoi Stock Exchange (HNX), with total proceeds of approximately VND 8,509 billion (USD 340 million). The sale is notable because Seaprodex’s portfolio includes the 2-4-6 Dong Khoi land plot in central Ho Chi Minh City, an asset that has been stalled for years by unresolved land-use certification.
Key Facts
- SCIC is offering 79.228 million SEA shares, or 63.38% of charter capital, as a single lot.
- Starting price: VND 107,400 per share, implying total proceeds of VND 8,509 billion (USD 340.36 million).
- Auction date: September 29, 2026, at 9:00 AM on HNX; registration and deposit deadline is 15:30 on September 22.
- Other major shareholders as of March 18, 2026: Dia oc Ngan Hiep JSC (24.03%) and Redwood Investment JSC (8.44%); the top three hold 95.85% combined.
- The 2-4-6 Dong Khoi plot, Seaprodex’s registered office, carries more than VND 692.17 billion in construction-in-progress costs as of June 30, 2026.
- Ho Chi Minh City authorities approved a market-based land price for the plot in December 2015, and Seaprodex completed financial obligations in January 2017, but no land-use right certificate has been issued as of the August 24, 2026 disclosure.
- Seaprodex reported H1 2026 net revenue of over VND 435 billion (+29% year-on-year) and after-tax profit of over VND 105 billion, versus VND 107 billion a year earlier.
What Happened
SCIC, the government’s investment arm, issued an auction notice to sell its full 63.38% holding in Seaprodex. The shares will be sold as one block at a floor price of VND 107,400 each, with the auction set for September 29, 2026 on HNX. The registration and deposit period runs until September 22. According to the disclosure, Seaprodex’s remaining major shareholders are Dia oc Ngan Hiep JSC with 24.03% and Redwood Investment JSC with 8.44%, leaving only 4.15% in non-major hands.
The company’s most discussed asset is the 2-4-6 Dong Khoi land plot in Sai Gon Ward, Ho Chi Minh City, bounded by Ton Duc Thang, Dong Khoi and Ngo Duc Ke streets. Seaprodex has capitalised more than VND 692.17 billion in construction-in-progress costs for the site. Although the Ho Chi Minh City People’s Committee approved a market land price in December 2015 and the company completed financial obligations in January 2017, no land-use right certificate had been issued as of the August 24, 2026 disclosure, preventing project implementation. Seaprodex also holds other properties in Ho Chi Minh City, including 22-24-26 Mac Thi Buoi (277.8 sqm), 211 Nguyen Thai Hoc (243.4 sqm), 97/6 Kinh Duong Vuong (541.9 sqm) and 7 No Trang Long (1,187.5 sqm).
Market Context
SEA trades on UPCOM, Vietnam’s unlisted public company market, and closed at VND 74,000 on September 13, 2026. The VND 107,400 auction floor represents a premium of roughly 45% to that close, reflecting the value the state seller attaches to the Dong Khoi land bank rather than to the seafood operations. UPCOM names typically trade with wider spreads and lower liquidity than HOSE or HNX listings, and a block of this size would be difficult to absorb through normal secondary trading. The auction therefore functions as a control transaction rather than a routine state divestment.
Strategic Significance
The sale is a test of whether Vietnam’s state divestment programme can clear legacy real-estate assets that have been frozen by administrative delays. For a buyer, the thesis rests on unlocking the 2-4-6 Dong Khoi site, where more than VND 692 billion has already been spent but no certificate has been issued for nearly a decade. Seaprodex’s core seafood business is modest by comparison, with H1 2026 revenue of VND 435 billion and profit of VND 105 billion. The starting price values the company at roughly VND 13,400 billion, well above the book equity of VND 2,661 billion reported at end-June 2026, so the auction effectively prices in a resolution of the land title. A successful sale at or above the floor would signal that strategic investors are willing to underwrite Vietnamese administrative risk in exchange for prime central Ho Chi Minh City land.
What to Watch
- Auction result on September 29, 2026, including the winning price and the identity of the buyer.
- Whether the Ho Chi Minh City government issues the land-use right certificate for 2-4-6 Dong Khoi, and on what timeline.
- Any regulatory filing from Dia oc Ngan Hiep or Redwood Investment regarding tag-along rights, board changes or a subsequent tender offer.
- Seaprodex’s Q3 2026 financial statements, particularly construction-in-progress balances and any land-related provisions.
- HNX and SCIC follow-up disclosures on deposit collection and settlement, which would confirm whether the auction clears at the floor.