Thanh Cong Securities (TCI) Becomes Major Shareholder in Freco Vietnam (TAB)

Overview

Thanh Cong Securities (HOSE: TCI) has become a major shareholder of Freco Vietnam (UPCoM: TAB) after buying 715,000 TAB shares on September 18, 2026, lifting its holding from 2.84% to 13.84%. The disclosure lands alongside a separate filing showing individual Le Tuan Tai reducing his TAB position below the 5% major-shareholder threshold. The transaction shifts a meaningful block of the logistics company’s register from an individual holder to a listed securities firm.

Key Facts

• TCI bought 715,000 TAB shares on September 18, 2026, raising its holding from 185,000 shares (2.84%) to 900,000 shares (13.84%).
• Le Tuan Tai sold 178,400 TAB shares on August 28, 2026 and 148,300 shares on August 11, 2026.
• Tai’s holding fell from 580,000 shares (8.92%) to 222,100 shares (3.42%), ending his major-shareholder status.
• Freco Vietnam trades on UPCoM under ticker TAB; its last referenced close was VND 32,000 on August 17, 2026.
• TCI closed at VND 9,700 on September 18, 2026 on HOSE.
• Freco Vietnam provides road freight transport, warehousing and related logistics services.
• TCI’s reviewed H1 2026 results showed operating revenue of VND 132 billion, operating expenses up more than threefold to VND 67 billion, and pre-tax profit of just over VND 39 billion, down VND 5 billion year-on-year.

What Happened

In a filing reported by An ninh tiền tệ, CTCP Chứng khoán Thành Công (TCSC, ticker TCI) disclosed that it purchased 715,000 shares of CTCP Freco Việt Nam (ticker TAB) on September 18, 2026. The purchase took TCI’s position from 185,000 shares, or 2.84% of TAB’s capital, to 900,000 shares, or 13.84%, crossing the 5% threshold that defines a major shareholder under Vietnamese disclosure rules.

Separately, individual investor Lê Tuấn Tài reported selling 178,400 TAB shares on August 28, 2026 and 148,300 shares on August 11, 2026. Those disposals cut his holding from 580,000 shares (8.92%) to 222,100 shares (3.42%), so he no longer qualifies as a major shareholder. The two filings describe opposite sides of a register shift in the same UPCoM-listed logistics name, though the disclosures do not state whether the transactions were directly matched.

Market Context

TAB last traded at VND 32,000 on August 17, 2026, before the disclosed block trades, while TCI closed at VND 9,700 on September 18, 2026 on HOSE. Freco Vietnam sits in the road freight and warehousing segment of the logistics sector, a capital-intensive space where strategic shareholders can influence fleet, warehouse and customer-contract decisions. TCI operates in the securities sector, where proprietary and strategic equity positions are a normal part of the balance sheet; at June 30, 2026 its FVTPL portfolio was worth more than VND 270 billion against total assets of over VND 1,400 billion.

Strategic Significance

For TCI, a 13.84% stake in a UPCoM logistics company is small relative to its VND 1,400 billion balance sheet, but it converts an existing 2.84% position into influence over a business tied to freight movement and warehousing. The H1 2026 numbers show why that matters: operating expenses tripled to VND 67 billion while pre-tax profit slipped to just over VND 39 billion, with financial revenue of more than VND 38 billion doing much of the work. A strategic holding that generates fee, advisory or financing relationships with a logistics counterparty can support revenue mix beyond proprietary trading. For TAB, replacing a retail-scale individual holder with a securities firm changes the shareholder base and could affect how the company accesses capital and advisory services.

What to Watch

• TCI’s next ownership disclosure for TAB, confirming whether the 13.84% stake is held or increased.
• TAB’s next semi-annual or annual financial statements for revenue and margin trends in freight and warehousing.
• Any TAB board or management changes following the shareholder shift.
• Further filings from Lê Tuấn Tài if his remaining 3.42% is sold down.
• TCI’s Q3 2026 results, particularly FVTPL gains and operating expense trends.