Samland (SLD) Loses Public-Company Status After VND 22.1B Block Trade

Overview

Samland (UPCoM: SLD), the real estate arm of SAM Holdings, has lost its public-company status after a single VND 22.1 billion block trade concentrated ownership beyond the regulatory threshold. The company’s board has approved a shareholder record date of 23 September 2026 to begin cancelling its public-company registration and delisting SLD from UPCoM. The event matters because it removes the last structural protection for minority holders in a stock that already traded at 14,200 dong on 17 September 2026.

Key Facts

• On 19 September 2025, individual investor Huynh Duc Thanh bought 2,210,236 SLD shares by negotiated block trade for approximately VND 22.1 billion.
• The purchase lifted his holding from more than 2.18 million to more than 4.39 million shares, raising his stake from 2.79% to roughly 5.6% and making him a major shareholder.
• SAM Holdings held more than 67.34 million SLD shares, or 85.71% of charter capital, before the ownership change.
• The 23 September 2025 shareholder list showed 626 shareholders; SAM Holdings and Mr. Thanh together controlled 91.31% of voting shares, leaving 624 minority holders with 8.69%.
• By 24 March 2026 the structure was essentially unchanged: 620 shareholders, two major holders at 91.36%, and 618 minority holders at 8.64%.
• Vietnamese rules require a company with charter capital of VND 30 billion or more to keep at least 10% of voting shares in the hands of at least 100 non-major investors to retain public-company status.
• The board approved a 23 September 2026 record date to complete the delisting process, exactly one year after the company first fell out of compliance.

What Happened

The board of directors of Cong ty Co phan Dia oc Sacom (Samland) approved a shareholder record date of 23 September 2026 to carry out procedures to cancel its public-company status, according to the company’s announcement. After receiving approval from the State Securities Commission, Samland will work with the Ha Noi Stock Exchange and the Vietnam Securities Depository and Clearing Corporation to cancel the registration of SLD shares on UPCoM and deregister the securities.

The trigger was a single negotiated transaction. On 19 September 2025, Huynh Duc Thanh bought 2,210,236 SLD shares for about VND 22.1 billion, lifting his ownership from 2.79% to approximately 5.6%. Crossing the 5% threshold reclassified him as a major shareholder, so his entire holding was excluded from the minority block. The 23 September 2025 shareholder list showed 626 shareholders, but SAM Holdings and Mr. Thanh together held 91.31% of voting shares, leaving 624 investors with only 8.69% - below the 10% minimum required for a company with charter capital of VND 30 billion or more. The article notes that Samland had already signalled an intention to leave the public market as early as 2023, so the block trade accelerated a pre-existing plan rather than creating a new one.

Market Context

SLD last closed at 14,200 dong on 17 September 2026 on UPCoM, the exchange for unlisted public companies where liquidity is typically thin and disclosure requirements are lighter than on HOSE or HNX. The delisting removes the ticker from the UPCoM board entirely, which in practice eliminates exchange-based price discovery and leaves any residual trading to private negotiation. The case sits within a broader Vietnamese pattern of tightly held property developers drifting below the 10% free-float floor, a structure that limits index inclusion, foreign access and institutional participation.

Strategic Significance

For long-term investors, the key point is not the size of the trade but the ownership architecture it locked in. SAM Holdings at 85.71% plus a second major shareholder at 5.6% leaves almost no float, no meaningful minority voting bloc and no exchange listing to enforce disclosure. A company with 624 minority shareholders holding 8.69% has effectively no external check on related-party transactions, capital allocation or valuation. The 2023 reference to leaving the public market suggests the delisting was a strategic choice, and the block trade provided the technical mechanism to execute it. Minority holders now face a private, illiquid instrument with materially weaker governance protections.

What to Watch

• State Securities Commission approval of the public-company status cancellation and the formal Ha Noi Stock Exchange delisting notice.
• The 23 September 2026 shareholder record date and the final shareholder list confirming the minority ratio.
• Any tender offer, buyback or share purchase plan from SAM Holdings or Mr. Thanh aimed at the remaining 8.69% minority block.
• Samland’s next audited financial statements and any disclosure on related-party transactions after the delisting.
• Whether the company registers with the Vietnam Securities Depository for private transfer procedures, which would indicate the intended trading channel for remaining holders.