Textaco (TET) Raises VND 1,130B via Private Placement, F1 Housing Takes 84% Stake

Overview

Textaco (TET) has completed a private placement of 56.5 million shares at VND 20,000 per share, raising VND 1,130 billion. The issuance, which closed on July 2, 2026, catapults TET’s charter capital from VND 57 billion to VND 622 billion. Post-issuance, F1 Housing, a newly established real estate firm, holds 84.15% of TET. The proceeds will fund real estate projects, notably the 79 Lac Trung development.

Key Facts

• TET issued 56.5 million shares at VND 20,000 each, raising VND 1,130 billion (approx. USD 45.2 million).
• The issuance increased TET’s charter capital from VND 57 billion to VND 622 billion, an 11-fold increase.
• F1 Housing acquired 52.3 million shares in the placement, securing an 84.15% stake in TET.
• F1 Housing was established in August 2025 with an initial charter capital of VND 400 billion, later increased to VND 3,300 billion in April 2026.
• The placement involved five domestic investors (two institutions and three individuals), collectively holding 91.94% of TET post-issuance.
• Shares issued in this placement are subject to a one-year lock-up period.
• TET’s stock closed at VND 45,000 on July 10, 2026, up 4.65% on low volume of 1,000 shares.

What Happened

Textaco (TET), listed on HNX, announced the completion of a private placement on July 2, 2026. The company sold 56.5 million shares, representing 990% of its pre-issuance outstanding shares, at VND 20,000 each. The proceeds of VND 1,130 billion will be used to fund real estate projects, including the development at 79 Lac Trung Street, Hanoi.

Post-issuance, F1 Housing, a real estate company founded in August 2025, emerged as the controlling shareholder with 84.15% of TET. F1 Housing’s charter capital was raised to VND 3,300 billion in April 2026. The company is led by Nguyen Vinh Phuc, who also holds positions in several other real estate firms, including F1 Homes, the developer of the Eco Hill social housing project in Hue.

Market Context

TET shares closed at VND 45,000 on July 10, 2026, up 4.65% from the previous session, though trading volume was minimal at just 1,000 shares. The stock has likely been illiquid due to the small free float prior to the placement. The real estate sector in Vietnam has seen increased activity, with developers raising capital for projects amid a recovering property market. TET’s transformation from a textile company to a real estate vehicle reflects a broader trend of corporate restructuring in Vietnam.

Strategic Significance

The private placement marks a strategic pivot for TET, which was originally a textile manufacturer. With F1 Housing as the new majority shareholder, TET is now positioned as a real estate development platform. The funds raised will support the 79 Lac Trung project, a prime land site in Hanoi. F1 Housing’s experience in social housing, as evidenced by the Eco Hill project in Hue, suggests a focus on affordable housing. This move aligns with government policies promoting social housing development. The lock-up period on the new shares provides temporary stability to the shareholder base.

What to Watch

• Progress of the 79 Lac Trung project: construction timeline, permits, and sales launch.
• TET’s upcoming financial reports to assess the deployment of raised capital and impact on earnings.
• Any further capital increases or asset injections by F1 Housing into TET.
• Regulatory approvals for the 79 Lac Trung project and other potential developments.
• Changes in TET’s board composition and management as F1 Housing consolidates control.