Sonadezi Long Thanh (SZL) to Sell 1.2M Treasury Shares in Q2-Q3 2026

Overview

Sonadezi Long Thanh (HOSE: SZL) has announced plans to sell its remaining 1.2 million treasury shares at a minimum price of 45,000 VND per share during the second and third quarters of 2026. The move follows multiple unsuccessful attempts to offload the shares, with only partial sales achieved previously. The proceeds are intended to supplement working capital.

Key Facts

• SZL plans to sell 1.2 million treasury shares (approximately 1.2% of outstanding shares) in Q2-Q3 2026.
• Minimum sale price is set at 45,000 VND per share.
• Trading will be conducted via negotiated and order-matching methods on HOSE.
• Previous sale attempts: in October 2023, only 38,800 shares were sold out of 1.8 million; in February 2026, only 558,000 shares out of 1.77 million were sold.
• Average sale price in the latest attempt was 49,200 VND per share.
• Daily sale volume must be between 3% and 10% of the registered volume, equivalent to 36,400 to 121,200 shares per day.
• SZL’s free float is low: parent Sonadezi (SNZ) holds 52.7%, America LLC holds 16.1%, and Dong Nai Development Investment Fund holds 5.8%.
• Average daily trading volume in 2026 is only about 15,800 shares.

What Happened

The Board of Directors of Sonadezi Long Thanh approved the sale of all remaining 1.2 million treasury shares to raise working capital. The transaction will commence after the State Securities Commission acknowledges receipt of the required reporting documents. The expected trading period is Q2 and Q3 2026, with a minimum price of 45,000 VND per share.

This is the company’s third attempt to sell treasury shares. In October 2023, SZL tried to sell 1.8 million shares but only sold 38,800 shares. In February 2026, another attempt to sell 1.77 million shares resulted in only 558,000 shares sold, leaving the current 1.2 million shares. The company attributes the low success rate to limited liquidity and a concentrated shareholder base.

Market Context

SZL shares closed at 53,000 VND on May 26, 2026, up 1.53% on volume of just 10,700 shares. The stock has risen over 11% year-to-date. However, the stock’s thin liquidity—average daily volume of 15,800 shares—poses a significant challenge to executing large block sales. The low free float, with the parent company holding a majority stake, further constrains trading activity.

Strategic Significance

The repeated failure to sell treasury shares highlights the structural liquidity constraints of SZL. The company’s concentrated ownership and low trading volume make it difficult to execute large share sales without depressing the price. The minimum price of 45,000 VND is below the current market price, suggesting management is willing to accept a discount to complete the sale. For long-term investors, the persistent overhang of treasury shares could cap upside potential until the sale is completed or the company finds alternative ways to improve liquidity.

What to Watch

• Completion of the sale: monitor periodic disclosures on the number of shares sold and average price.
• Impact on share price: any significant discount or prolonged selling pressure could weigh on SZL’s valuation.
• Changes in shareholder structure: potential new block holders or increased foreign ownership if the shares are absorbed.
• Q2 2026 earnings release: to assess whether working capital needs are being met and if the sale proceeds are deployed effectively.
• Any corporate actions (e.g., dividend policy, capital increases) that might alter the free float or liquidity profile.