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

Overview

No investor registered to buy the 79.2 million Seaprodex (SEA) shares offered by the State Capital Investment Corporation (SCIC), forcing the cancellation of the auction scheduled for 29 September 2026. The starting price of VND 107,400 per share sat far above SEA’s market price, and the failed sale leaves 63.38% of the UPCOM-listed company still in state hands.

Key Facts

• SCIC offered 79.2 million SEA shares, equal to 63.38% of charter capital, as a single block.
• The reserve price was VND 8,509 billion for the entire lot, or VND 107,400 per share.
• SEA closed at VND 52,100 on 24 September 2026, roughly 51% below the auction floor.
• Registration and deposit closed at 15:30 on 22 September 2026 with zero subscribers, per HNX.
• Seaprodex closed the shareholder list for a 5% cash dividend on 22 September 2026, paying VND 500 per share, with payment due 16 October 2026.
• H1 2026 net revenue reached VND 435 billion, up 29% year on year, while parent net profit fell 13% to VND 93 billion.
• Total assets stood at VND 2,905 billion at 30 June 2026, with VND 249 billion of liabilities and VND 133 billion of borrowings and finance leases.

What Happened

According to the Hà Nội Stock Exchange (HNX), the deadline for registration and deposit passed at 15:30 on 22 September 2026 without a single investor signing up for the block of Seaprodex shares held by SCIC. Under Article 13 of the auction regulations attached to Decision No. 1133/QĐ-SGDHN dated 8 September 2026, the lot sale did not meet the conditions required to proceed, and the 29 September auction was cancelled.

SCIC had announced the sale of the entire 79.2 million-share lot at a reserve price of VND 8,509 billion, or an average of VND 107,400 per share. That level was well above SEA’s market price of VND 55,500 on the morning of 25 September, and above the VND 52,100 close recorded on 24 September 2026. Seaprodex’s shareholder base at 30 June 2026 comprised SCIC at 63.38%, Địa ốc Ngân Hiệp at 24.03%, Redwood Investment at 8.44%, and smaller holders at 4.14%.

Market Context

SEA trades on UPCOM, Vietnam’s unlisted public company market, where liquidity is thinner and price discovery is less efficient than on HOSE or HNX. The gap between the VND 107,400 reserve price and the VND 52,100 market close was wide enough to deter any institutional bidder, particularly given the size of the block and the absence of a controlling premium. The failed auction is the second signal this month that state divestment pricing is running ahead of secondary-market valuations.

Strategic Significance

Seaprodex is not a pure seafood story. The company holds nearly 1,500 square metres at 2-4-6 Đồng Khởi in central Hồ Chí Minh City, carried within VND 693 billion of construction-in-progress that is mostly land-use rights at the head office site. That land bank, not the fishing and processing operations, is the core of any re-rating thesis, and it explains why SCIC anchored its reserve price near double the traded level. For long-term investors, the failed auction means the overhang of a 63.38% state stake remains unresolved, and any future sale will likely require either a lower reserve price or a strategic buyer willing to underwrite the property value.

What to Watch

• Any revised SCIC divestment plan, including a lower reserve price or a negotiated sale.
• HNX announcements on a re-auction date or change in sale method.
• The 16 October 2026 dividend payment and any subsequent dividend policy signals.
• Full-year 2026 results, particularly whether the 13% net profit decline extends.
• Progress on the Đồng Khởi site, including any licensing or development filing.