SCIC's 63.38% Seaprodex (SEA) Stake Auction Fails as No Bidders Register

Overview

SCIC’s planned auction of a 63.38% stake in Seaprodex (ticker SEA, UPCOM) failed after no investor registered by the 22 September 2026 deadline, forcing the Hanoi Stock Exchange to cancel the 29 September session. The starting price of roughly VND 107,400 per share valued the company at more than VND 13,400 billion, about double SEA’s VND 52,100 close on 24 September. The outcome leaves state divestment at Seaprodex unresolved and keeps the company’s Dong Khoi land asset without a certificate after more than nine years.

Key Facts

• SCIC offered 79.2 million SEA shares, equal to 63.38% of Seaprodex, at a starting price of more than VND 8,509 billion.
• The starting price equated to about VND 107,400 per share, implying a full-company valuation above VND 13,400 billion.
• SEA closed at VND 52,100 on 24 September 2026, down 13.31% on the day, giving a market capitalization of just over VND 6,500 billion.
• No investor registered or placed a deposit by the 15:30 deadline on 22 September 2026, so the 29 September auction did not meet conditions to proceed.
• The 2-4-6 Dong Khoi site in central Ho Chi Minh City spans about 1,500 square meters with three street frontages and is carried at more than VND 692 billion in the reviewed H1 2026 financial statements.
• Seaprodex completed land tax and financial obligations in January 2017, yet as of 30 June 2026 it still had not received a land-use rights certificate for the site.
• Seaprodex holds 22.08% of Proconco, valued at nearly VND 1,143 billion at end-June 2026, which paid nearly VND 41.93 billion in dividends in H1 2026.

What Happened

SCIC, the State Capital Investment Corporation, had planned to sell its entire 79.2 million-share block in Seaprodex in a single auction. The Hanoi Stock Exchange announced that by the 15:30 registration and deposit deadline on 22 September 2026, no investor had signed up, so the auction scheduled for 29 September was cancelled. The starting price of more than VND 8,509 billion, or about VND 107,400 per share, was roughly twice SEA’s market price at the time.

The Dong Khoi land plot remains the central unresolved asset. According to Seaprodex’s reviewed H1 2026 consolidated financial statements, the company has recorded more than VND 692 billion related to the site. Ho Chi Minh City authorities approved a market-based land price plan in December 2015, and tax authorities confirmed the land payment was made on 24 January 2017, with the city finance department confirming completion of financial obligations three days later. As of 30 June 2026, however, Seaprodex had still not been issued the land-use rights certificate needed to develop the planned commercial, office and apartment project.

Market Context

SEA trades on UPCOM, Vietnam’s unlisted public company market, where liquidity and disclosure standards are generally thinner than on HOSE or HNX. The stock fell 13.31% to VND 52,100 on 24 September 2026, the session referenced in the price context, leaving the market capitalization at just over VND 6,500 billion against SCIC’s implied valuation of more than VND 13,400 billion. The gap between the two figures explains the absence of bidders: the state’s reference price was set well above where the market was willing to transact, and the unresolved Dong Khoi certificate adds valuation uncertainty that a buyer would have to price in.

Strategic Significance

The failed auction highlights a recurring tension in Vietnamese state divestment: book-value or appraised-asset pricing versus market pricing. Seaprodex’s balance sheet carries valuable assets, including the Dong Khoi site, 22.08% of Proconco, nearly VND 475 billion in cash and bank deposits, and long-term investments of nearly VND 1,379 billion. But the Dong Khoi certificate has been outstanding for more than nine years, which delays any development and makes the asset’s realizable value hard to underwrite. For long-term investors, the key question is whether SCIC will revise its reserve price or restructure the sale, and whether the land certificate is resolved first. Shareholder structure adds a further layer: Dia oc Ngan Hiep holds 24.03% and Redwood Investment holds 8.44%, both linked to Novaland, giving related parties about 32.47% behind SCIC.

What to Watch

• Any SCIC announcement of a revised starting price or a new auction date for the 63.38% SEA block.
• Progress on the Dong Khoi land-use rights certificate from Ho Chi Minh City authorities.
• Seaprodex’s next financial statements for updated carrying values on the Dong Khoi site and Proconco stake.
• Any share purchases or ownership filings by Dia oc Ngan Hiep, Redwood Investment or other Novaland-linked entities.
• UPCOM trading volume and price reaction in SEA following the cancelled auction.