SCIC to Auction 63.38% Seaprodex (SEA) Stake at VND 5,809B

Overview

State Capital Investment Corporation (SCIC) will auction its entire 63.38% stake in Tổng công ty Thủy sản Việt Nam - CTCP (Seaprodex, ticker SEA) on September 29, covering 79.2 million shares at a floor price of VND 5,809 billion, or VND 107,400 per share. SEA trades on UPCOM, and the floor price sits roughly 32% above its market quote near VND 73,000 on September 14. The auction is notable less for the seafood business than for the real-estate assets attached to the stake and the control premium SCIC is seeking.

Key Facts

• SCIC is offering 79.2 million SEA shares, equal to 63.38% of Seaprodex, on September 29.
• Floor price for the entire lot is VND 5,809 billion, equivalent to VND 107,400 per share.
• SEA closed at VND 70,000 on September 16, 2026, below the VND 73,000 reference cited for September 14.
• The floor price is about 32% above the September 14 market price.
• Existing shareholders: Địa ốc Ngân Hiệp holds 24.03%, REDWOOD holds 8.44%, other shareholders 4.14%; both Ngân Hiệp and REDWOOD are linked to Novaland.
• Seaprodex’s land bank totals more than 797,219 sqm (nearly 80 hectares), including 739,442 sqm at Cỏ May bridge, Phước Trung, Bà Rịa.
• In Ho Chi Minh City the company holds sites at 2-4-6 Đồng Khởi and 21 Ngô Đức Kế (1,892 sqm), 22-24-26 Mạc Thị Bưởi (277.8 sqm), 211 Nguyễn Thái Học (243.4 sqm) and 7 Nơ Trang Long (1,280 sqm).

What Happened

SCIC, the government’s state-capital investment arm, set the starting price for the whole Seaprodex block at VND 5,809 billion, or VND 107,400 per share, according to the auction notice reported by the source article. That compares with a SEA market price of about VND 73,000 on September 14, a discount of roughly 32% to the floor. The article frames the gap as an unusual case of wholesale pricing above retail, and notes that large blocks bundled with control rights do not always clear.

The piece reviews prior SCIC and state divestments to set expectations. In March 2025, EVNSPC and TV3 registered to sell nearly 33.8 million CHP shares, or 23% of Thủy điện miền Trung, at a floor of more than VND 2,950 billion, or VND 87,284 per share, about 2.2 times the prevailing CHP market price; the deal failed with no investor submitting a registration. The article contrasts such unsold lots with transactions that attracted buyers once control was on the table, without naming a completed comparable in the excerpt provided.

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 stock closed at VND 70,000 on September 16, 2026, below the VND 73,000 level cited for September 14, implying the market has not moved toward SCIC’s VND 107,400 floor. The shareholder register already concentrates 32.47% with two Novaland-linked entities, Địa ốc Ngân Hiệp and REDWOOD, which shapes both the free float and the strategic logic of any bid.

Strategic Significance

The investment case for the SEA block rests on asset value rather than seafood earnings. Seaprodex controls roughly 80 hectares of land, including prime Ho Chi Minh City frontage on Đồng Khởi and Ngô Đức Kế, plus industrial land at Sóng Thần II and a 739,442 sqm parcel at Cỏ May in Bà Rịa. For a buyer, 63.38% delivers control over how those sites are developed, monetised or contributed to a joint venture, which is why SCIC is pricing the stake at a premium to the traded price. The presence of Novaland-linked holders at 32.47% creates a natural strategic counterparty, but also raises questions about related-party dynamics and whether a third-party bidder can obtain effective control.

What to Watch

• The September 29 auction result: whether any investor registers, and at what price.
• Disclosure of the winning bidder and any subsequent mandatory tender offer or related-party filing.
• Any update on Novaland’s intentions regarding its indirect Seaprodex exposure through Ngân Hiệp and REDWOOD.
• Progress on land-use rights or planning approvals for the Đồng Khởi, Ngô Đức Kế and Cỏ May sites.
• Seaprodex financial statements for clarity on the book value of the land bank versus the VND 5,809 billion floor.