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

Overview

SCIC’s auction of a 63.38% stake in Seaprodex (ticker SEA, UPCOM) failed after no investors registered by the 22 September deadline. The starting price of VND 107,400 per share was more than double the market price of VND 52,000, and the company’s key asset is a prime land plot in central Ho Chi Minh City. The failed auction leaves SCIC’s exit unresolved and keeps Novaland-linked shareholders, who hold 32.47% of SEA, as the largest non-state block.

Key Facts

• SCIC offered 79,228,000 SEA shares, equal to 63.38% of Seaprodex, at a starting price of VND 8,509 billion for the lot, or VND 107,400 per share.
• The registration and deposit deadline was 15:30 on 22 September; the auction was scheduled for 29 September on HNX.
• No investor registered, so HNX declared the auction ineligible and cancelled the 29 September sale.
• SEA closed at VND 52,000 on 25 September, roughly 52% below the starting price.
• Novaland-linked shareholders, Địa ốc Ngân Hiệp (24.03%) and Redwood Investment (8.44%), together hold 32.47% of SEA.
• Seaprodex’s main asset is a 1,522 m2 land plot at 2-4-6 Đồng Khởi, with 1,458 m2 outside the road boundary and three street frontages.
• The land is carried on the books at over VND 692 billion; H1 2025 revenue was nearly VND 435 billion with after-tax profit above VND 100 billion.

What Happened

SCIC, Vietnam’s state capital investment corporation, had planned to divest its entire 63.38% holding in Seaprodex through a single-lot auction on the Hanoi Stock Exchange (HNX). The starting price of VND 107,400 per share valued the lot at VND 8,509 billion. According to HNX, no investor submitted a registration or deposit by the 15:30 deadline on 22 September, making the auction ineligible under the exchange’s rules. HNX subsequently announced it would not hold the sale on 29 September.

The failed auction highlights a wide gap between SCIC’s valuation and the market’s. SEA traded at VND 52,000 on 25 September, less than half the starting price. The article notes that the land plot at 2-4-6 Đồng Khởi, a rare prime site in District 1, is carried at over VND 692 billion on the books, not at market value. Although the Ho Chi Minh City government approved a market-based land price in December 2015 and Seaprodex completed financial obligations in 2017, the company had not received a land use rights certificate as of 30 June, preventing project development.

Market Context

SEA is listed on UPCOM, Vietnam’s unlisted public company market, where liquidity is typically thinner than on HOSE or HNX. The stock closed at VND 52,000 on 26 September, well below the VND 107,400 starting price. Novaland (NVL), which closed at VND 11,850 on 26 September, is linked to SEA through shareholders Địa ốc Ngân Hiệp and Redwood Investment. The failed auction may weigh on sentiment for both SEA and NVL, as it removes a potential catalyst for a change in control at Seaprodex and leaves the land plot’s development timeline uncertain.

Strategic Significance

For long-term investors, the key issue is the gap between Seaprodex’s book value and the market value of its Đồng Khởi land. The failed auction suggests that neither strategic investors nor financial buyers are willing to pay SCIC’s asking price without a clear path to developing the asset. Novaland’s associated shareholders already hold 32.47% of SEA, and a successful auction could have triggered a mandatory tender offer or shifted control. The cancellation leaves SCIC’s exit unresolved and may delay any redevelopment of the land, which is zoned for a mixed-use complex of up to 20 floors. Investors should monitor whether SCIC lowers the reserve price or breaks the stake into smaller lots.

What to Watch

• Any announcement from SCIC or HNX on a new auction date or revised starting price.
• Progress on the land use rights certificate for the 2-4-6 Đồng Khởi plot.
• Changes in the shareholder structure of SEA, particularly any moves by Novaland-linked entities.
• Seaprodex’s Q3 2025 earnings release for updates on revenue, profit, and the land plot’s book value.
• Any regulatory filing from Novaland (NVL) regarding its interest in SEA.