SCIC to Auction 63.38% Seaprodex (SEA) Stake at VND 8,509B on September 29

Overview

State Capital Investment Corporation (SCIC) will auction its entire 63.38% holding in Tổng Công ty Thủy sản Việt Nam (Seaprodex, ticker SEA) on September 29, offering 79 million shares at a floor price of more than VND 8,509 billion. The starting price of roughly VND 107,400 per share sits about 45% above SEA’s September 13 close of VND 74,000 on UPCOM. The auction is drawing attention because Seaprodex’s most valuable asset is a 1,522 sqm site at 2-4-6 Đồng Khởi in central Hồ Chí Minh City, and because shareholders linked to Novaland (NVL) already control about 32.47% of the company.

Key Facts

• SCIC is selling 79 million SEA shares, equal to 63.38% of charter capital, in a single lot.
• Starting price: more than VND 8,509 billion, or approximately VND 107,400 per share.
• Floor price is about 45% above SEA’s market price of VND 74,000 (September 13 close).
• Seaprodex total assets were VND 2,905 billion as of June 30, so the auction values the company at roughly 4.6x book assets.
• The 2-4-6 Đồng Khởi site measures 1,522 sqm, of which 1,458 sqm falls outside the road boundary, with three street frontages and a maximum planned height of 20 storeys.
• Ngân Hiệp Real Estate holds 24.03% of SEA and Redwood Investment holds 8.44%, together 32.47%; Ngân Hiệp is 99.98% owned by Novaland.
• Seaprodex’s financial statements carry more than VND 692 billion related to the Đồng Khởi land, and the company had not received its land-use rights certificate as of June 30.

What Happened

SCIC, the state investment arm, set the auction for September 29 with a reserve price of over VND 8,509 billion for the full 79 million-share block, according to the offering terms reported in the article. The price implies VND 107,400 per share, a level the article notes is well above the current market quote and roughly 4.6 times Seaprodex’s VND 2,905 billion of total assets at June 30. The article frames the gap as evidence that the valuation is not anchored in the seafood business’s book value.

Instead, the premium reflects the Đồng Khởi land. The 1,522 sqm plot at the Đồng Khởi - Tôn Đức Thắng intersection is zoned for a mixed-use complex of hotel, retail, office and apartments up to 20 storeys. Seaprodex has completed financial obligations on the land: Hồ Chí Minh City authorities approved a market-based land price plan in December 2015, the tax authority confirmed land payment on January 24, 2017, and the city finance department confirmed completion three days later. The company has still not been issued a land-use rights certificate, which has blocked project implementation. On the shareholder register, Ngân Hiệp Real Estate holds 24.03% and Redwood Investment 8.44%; both are tied to Novaland, and the combined 32.47% has been unchanged since late 2025, when the two entities bought more than 40 million SEA shares for an estimated VND 1,400 billion.

Market Context

SEA trades on UPCOM, Vietnam’s unlisted public company market, where liquidity is thinner and price discovery is less continuous than on HOSE or HNX. The reference close of VND 74,000 on September 13 leaves the SCIC floor price roughly 45% higher, a spread that will test bidder appetite. Novaland (NVL), listed on HOSE and closed at VND 12,200 on September 13, sits at the centre of the story: its subsidiaries already hold the second-largest block of SEA, and any change in that position would be material for both tickers. The auction also lands against a broader Vietnamese market backdrop in which state divestment and land-backed valuations remain a recurring theme for institutional investors.

Strategic Significance

The auction is effectively a sale of a land option wrapped in a seafood company. For a buyer, the thesis is that the Đồng Khởi site, one of the last undeveloped prime corners in downtown Hồ Chí Minh City, is worth materially more than the VND 692 billion carried on Seaprodex’s books, and that the missing land-use rights certificate is a procedural hurdle rather than a legal defect. The 45% premium to market implies SCIC expects bidders to underwrite that gap. The competitive dynamic is equally important: Novaland-linked entities already hold 32.47%, so a successful third-party bid at 63.38% would hand the winner outright control and sideline the existing minority bloc, while a Novaland-linked win would consolidate a position the group has been building since late 2025. For long-term investors in NVL, the question is whether Novaland participates, and with what capital, given its own balance-sheet constraints.

What to Watch

• The September 29 auction result: whether the full 79 million shares clear at or above the VND 107,400 floor, and the identity of the winning bidder.
• Any disclosure from Novaland (NVL) or its subsidiaries on participation in the auction or changes to the 32.47% SEA holding.
• Progress on the land-use rights certificate for 2-4-6 Đồng Khởi, which remains the key gating item for project development.
• Seaprodex’s next financial statements for any revaluation of the Đồng Khởi land or updates on the VND 692 billion carrying value.
• Post-auction governance signals, including board changes and any revised development plan for the mixed-use complex.