SCIC Auctions 63.38% Seaprodex (SEA) Stake at VND 8,509B Floor Price

Overview

State Capital Investment Corporation (SCIC) has announced an auction of its entire 63.38% stake in Tổng công ty Thủy sản Việt Nam – Seaprodex (UPCOM: SEA), offered as a single lot with a floor price of VND 8,509 billion, or VND 107,400 per share. The sale is the largest state divestment linked to SEA in years and puts the company’s prime Hồ Chí Minh City land holdings, including 2-4-6 Đồng Khởi, in front of strategic buyers. The auction is scheduled for 29 September 2026 at the Hà Nội Stock Exchange (HNX).

Key Facts

• SCIC is selling 79.228 million SEA shares, equal to 63.38% of charter capital, in one lot.
• Floor price: VND 8,509 billion for the lot, or VND 107,400 per share.
• Auction date: 9:00 on 29 September 2026 at HNX; registration and deposit deadline 15:30 on 22 September.
• Other major shareholders as of 18 March 2026: Địa ốc Ngân Hiệp JSC at 24.03% and Redwood Investment JSC at 8.44%; the three largest holders control 95.85%.
• The 2-4-6 Đồng Khởi site carries more than VND 692.17 billion of construction-in-progress cost as of 30 June 2026, out of VND 692.7 billion total.
• HCMC authorities approved a market land price for the site in December 2015 and confirmed financial obligations completed in January 2017, but no land use rights certificate had been issued as of the 24 August 2026 disclosure.
• Seaprodex reported H1 2026 net revenue of more than VND 435 billion, up 29% year on year, and after-tax profit of more than VND 105 billion versus VND 107 billion a year earlier.

What Happened

According to the auction notice, SCIC will sell all 79.228 million Seaprodex shares it holds, representing 63.38% of the company, as a single block. The starting price of VND 8,509 billion implies VND 107,400 per share. Registration and deposit run until 15:30 on 22 September 2026, with the auction set for 9:00 on 29 September 2026 at HNX.

The disclosure also details Seaprodex’s property portfolio. The flagship asset is the plot at 2-4-6 Đồng Khởi in Sài Gòn ward, the company’s registered office, bounded by Tôn Đức Thắng, Đồng Khởi and Ngô Đức Kế streets. HCMC approved a market-based land price in December 2015, and Seaprodex paid the land fee, confirmed by District 1 Tax Office on 24 January 2017 and by the HCMC Department of Finance on 27 January 2017. As of the 24 August 2026 disclosure, however, the company still has not received the land use rights certificate, so the project cannot proceed. Seaprodex also lists office and land assets at 22-24-26 Mạc Thị Bưởi, 211 Nguyễn Thái Học, 97/6 Kinh Dương Vương and 7 Nơ Trang Long, among others.

Market Context

SEA trades on UPCOM, Vietnam’s unlisted public company market, and closed at 74,000 on 13 September 2026. The VND 107,400 floor price therefore sits roughly 45% above the last close, a gap that reflects both the control premium SCIC is seeking and the market’s discount for the unresolved land certificate. Seaprodex sits at the intersection of two sectors: seafood trading, where H1 revenue grew 29%, and HCMC real estate, where central-district land values have risen sharply while many legacy state-linked sites remain legally stalled. UPCOM names typically trade with wider spreads and thinner liquidity than HOSE or HNX listings, which amplifies the headline impact of a block this size.

Strategic Significance

The investment case is not the seafood business, which generates modest and roughly flat profit, but the option value embedded in the Đồng Khởi site and the wider HCMC land bank. A buyer at the floor price is effectively paying for control of a company whose book equity was VND 2,661 billion against total assets of VND 2,910 billion at end-June 2026, while the Đồng Khởi plot alone has absorbed over VND 692 billion in construction cost and sits in one of the most valuable retail corridors in the country. The unresolved land use rights certificate is the central risk and the central opportunity: resolution would unlock development, but the timeline has already stretched more than nine years since financial obligations were confirmed. The presence of Địa ốc Ngân Hiệp at 24.03% and Redwood Investment at 8.44% means any buyer must also manage a concentrated register where three holders control 95.85%.

What to Watch

• Auction result on 29 September 2026, including whether the lot sells at, above or below the VND 107,400 floor and the identity of the winning bidder.
• Deposit and registration uptake through the 22 September 2026 deadline, as a proxy for bidder interest.
• Any HCMC government decision on issuing the land use rights certificate for 2-4-6 Đồng Khởi.
• Q3 2026 financial statements for further construction-in-progress movements and any land-related provisions.
• Post-auction disclosures on whether the new holder triggers a mandatory tender offer for the remaining shares.