SCIC to Auction 63.38% SEA Stake: Seaprodex's Dong Khoi Land Play

Overview

State Capital Investment Corporation (SCIC) will auction its entire 79 million-share holding in Tổng Công ty Thủy sản Việt Nam - CTCP (Seaprodex, ticker SEA) on September 29, equal to 63.38% of the company. The starting price of more than VND 8,500 billion, or roughly VND 107,400 per share, sits about 45% above SEA’s current market price of VND 70,000. The auction matters because Seaprodex’s valuation is anchored less to its seafood operations than to the 2-4-6 Dong Khoi land plot in central Ho Chi Minh City, which remains undeveloped.

Key Facts

• SCIC is offering 79 million SEA shares, equivalent to 63.38% of Seaprodex’s charter capital.
• The auction is scheduled for September 29, with a starting price above VND 8,500 billion, or about VND 107,400 per share.
• The floor price is roughly 45% above SEA’s market price of VND 70,000 per share.
• Seaprodex owns the 2-4-6 Dong Khoi site in Sài Gòn ward, Ho Chi Minh City, planned as a mixed-use hotel, retail, office and apartment complex capped at 20 floors.
• The land is carried on the books at more than VND 692 billion, a book value rather than a market valuation.
• Seaprodex completed its land financial obligations, confirmed by tax authorities on January 24, 2017 and by the Ho Chi Minh City Department of Finance three days later.
• As of June 30, Seaprodex had still not been granted the land use right certificate, blocking project implementation.
• Existing shareholders include Địa ốc Ngân Hiệp with 24.03% and Redwood Investment with 8.44%, both linked to Novaland Group.

What Happened

The auction was announced through SCIC and reported by Tiền Phong. SCIC, the state investment arm, is divesting the full 63.38% stake it holds in Seaprodex in a single lot rather than in tranches. The starting price of VND 107,400 per share values the company well above its traded price, a gap the article attributes to investor interest in Seaprodex’s real estate holdings rather than its seafood business.

The centrepiece is the 2-4-6 Dong Khoi plot, described as one of the most prime sites in downtown Ho Chi Minh City and currently the location of Seaprodex’s head office. The site hosts the Casa restaurant, previously part of the Novaland ecosystem through operator Nova F&B. Seaprodex has recorded more than VND 692 billion related to the land and has completed its financial obligations, but as of June 30 it had not received the land use right certificate, so the project cannot proceed. Portions of the site are reported to be abandoned.

Market Context

SEA trades on UPCOM, Vietnam’s unlisted public company market, where liquidity is thinner and disclosure requirements are lighter than on HOSE or HNX. The reference price of VND 70,000 per share was recorded on September 15. The 45% gap between the auction floor and the market price is unusual for a state divestment, where starting prices are often set near or below market to attract bidders. Here the premium implies SCIC is pricing in the Dong Khoi land optionality, not the seafood earnings stream. The shareholding structure, with two Novaland-linked entities holding a combined 32.47% behind SCIC, means the auction could reshape control of the company.

Strategic Significance

The investment case for SEA rests on a single unresolved asset: a prime downtown land plot whose book value of VND 692 billion is far below any plausible market valuation, but which cannot be monetised without the land use right certificate. A buyer at VND 107,400 per share is effectively underwriting the certificate process and the eventual 20-floor mixed-use development, not Seaprodex’s seafood operations. The presence of Novaland-linked shareholders holding 32.47% adds a second layer: the auction winner inherits a controlling stake alongside a large, strategically motivated minority. For long-term investors, the key variable is administrative rather than commercial, since the project’s economics depend on a certificate that has been outstanding since at least 2017.

What to Watch

• The September 29 auction result, including the winning bidder, final price and whether the full 79 million shares clear.
• Any issuance of the land use right certificate for 2-4-6 Dong Khoi, or a formal timeline from Ho Chi Minh City authorities.
• Disclosure of the winning bidder’s identity and any subsequent tender offer obligation toward the Novaland-linked shareholders.
• Seaprodex’s next financial statements for any revaluation or impairment of the VND 692 billion land carrying value.
• Any regulatory filing on the 20-floor mixed-use planning approval for the Dong Khoi site.