SCIC Re-Auctions 63.38% Seaprodex (SEA) Stake at VND 8,509B After Failed September Sale

Overview

SCIC has re-listed its entire 63.38% stake in Seaprodex (ticker SEA, UPCOM) for auction on the Hà Nội Stock Exchange, with a starting price of more than VND 8,509 billion for the block. The move follows a failed auction on September 29, 2026, when no investor registered to bid. The new auction is scheduled for November 2, 2026.

Key Facts

• SCIC is offering 79.2 million SEA shares, equal to 63.38% of Seaprodex’s charter capital.
• Starting price for the block is over VND 8,509 billion, with a minimum bid increment of VND 1 million per lot.
• Registration and deposit period runs from October 12, 2026, to 15:30 on October 26, 2026.
• Bid submission deadline is 16:00 on October 29, 2026; the auction is set for 09:00 on Monday, November 2, 2026, at HNX headquarters, 2 Phan Chu Trinh, Hà Nội.
• The prior auction, scheduled for September 29, 2026, was cancelled after no investors registered by the 15:30 September 22, 2026 deadline.
• Seaprodex holds nearly 1,500 square meters of land at 2-4-6 Đồng Khởi, Sài Gòn ward, Hồ Chí Minh City, carried as VND 693 billion of construction-in-progress, mostly land-use rights.
• H1 2026 results: net revenue of VND 435 billion (+29% year-on-year), parent net profit of VND 93 billion (-13%), total assets of VND 2,905 billion, and borrowings and finance leases of VND 133 billion.

What Happened

HNX issued a notice for the block auction of more than 79.2 million SEA shares owned by the State Capital Investment Corporation (SCIC). The starting price is set at over VND 8,509 billion for the entire lot, with a bid step of VND 1 million per lot. Registration and deposits open on October 12, 2026, and close at 15:30 on October 26, 2026, with bid documents due by 16:00 on October 29, 2026.

The re-auction follows the failure of the previous attempt on September 29, 2026. Under Article 13 of the auction regulations attached to HNX Decision No. 1133/QĐ-SGDHN dated September 8, 2026, the auction could not proceed because no investor registered or deposited funds by the September 22, 2026 deadline. As of June 30, 2026, SCIC held 63.38% of Seaprodex, Ngân Hiệp Real Estate JSC held 24.03%, Redwood Investment JSC held 8.44%, and small shareholders held the remaining 4.14%.

Market Context

SEA trades on UPCOM, Vietnam’s unlisted public company market, and closed at VND 57,000 on October 10, 2026. The starting price for the SCIC block implies a valuation that investors will compare against that reference price and against the value of the Đồng Khởi landholding. The failed September auction highlighted thin demand for large, illiquid UPCOM blocks, particularly when the seller is a state entity and the buyer must absorb a controlling stake in a seafood company whose earnings are under pressure from rising financial and administrative costs.

Strategic Significance

The auction is effectively a sale of a real-estate play wrapped in a seafood company. Seaprodex’s H1 2026 revenue grew 29% to VND 435 billion, but parent net profit fell 13% to VND 93 billion, so the investment case rests less on operating momentum and more on the 2-4-6 Đồng Khởi site, a rare central Hồ Chí Minh City plot carried at VND 693 billion. A successful sale would transfer control of that asset to a strategic or financial buyer and give SCIC an exit from a non-core holding. A second failure would signal that even prime land cannot clear at SCIC’s reserve price in the current market, with implications for other state divestments.

What to Watch

• Whether any investor registers and deposits by the 15:30 October 26, 2026 deadline.
• The November 2, 2026 auction result, including the winning price and buyer identity.
• Any disclosure from Ngân Hiệp Real Estate (24.03%) or Redwood Investment (8.44%) on their intentions for the block.
• Seaprodex’s Q3 2026 financial statements, particularly the trend in financial and administrative costs.
• Further SCIC announcements on the Đồng Khởi landholding or any change to the reserve price.