Textaco Renames to Pristie Real Estate, Raises 1.13T VND in Private Placement

Overview

Textaco (TET), listed on HNX, has officially renamed itself to Pristie Real Estate and raised its charter capital to 622 billion VND after a private placement of 56.5 million shares. The company raised 1,130 billion VND at 20,000 VND per share, earmarked for two high-end residential projects in Hanoi.

Key Facts

• TET changed its name to Công ty CP Bất động sản Pristie (Pristie Real Estate) effective July 16, 2026.
• Charter capital increased from over 57 billion VND to 622 billion VND.
• Private placement of 56.5 million shares completed on July 2, 2026, with a one-year transfer restriction.
• Issue price was 20,000 VND per share, raising 1,130 billion VND.
• Funds allocation: 522 billion VND for Đức Giang Residences and 608 billion VND for Pristie Lạc Trung.
• Đức Giang Residences: 25,477 m² site, 16 floors, 2 commercial basements, 3 basement levels, about 1,034 apartments.
• Pristie Lạc Trung (79A Lạc Trung): 12,423 m² leased land, 30-year lease from 2003 to 2033, total investment estimated at 1,889.34 billion VND.

What Happened

Textaco, formerly known as Công ty CP Vải sợi May mặc Miền Bắc, has rebranded to Pristie Real Estate following a change in its business registration certificate (18th amendment). The company completed a private placement of 56.5 million shares on July 2, 2026, raising 1,130 billion VND at 20,000 VND per share. The proceeds are designated for two major real estate projects in Hanoi: Đức Giang Residences and Pristie Lạc Trung.

The Đức Giang Residences project, located at 53 Đức Giang, Việt Hưng, Hà Nội, will cover 25,477 m² with 16 above-ground floors, 2 commercial podium floors, and 3 basement levels, providing approximately 1,034 high-end apartments. The Pristie Lạc Trung project, at 79A Lạc Trung, Vĩnh Tuy, Hà Nội, is built on a 12,423 m² leased plot with a 30-year lease from 2003 to 2033. Originally named Red River View, the project has been restructured with a total investment of 1,889.34 billion VND.

Market Context

TET closed at 50,000 VND on August 6, 2026, well above the placement price of 20,000 VND, reflecting strong market confidence in the company’s transformation. The stock trades on HNX, and the capital raise aligns with a broader trend of textile companies pivoting to real estate development in Hanoi’s prime locations. The company’s strategic shift from textiles to high-end residential projects positions it within the competitive Hanoi property market, where land in inner-city districts like Long Biên and Hai Bà Trưng is scarce.

Strategic Significance

This capital raise marks a definitive strategic pivot for TET from its legacy textile business to a focused real estate developer. The two projects, both in prime Hanoi locations, offer significant development potential: Đức Giang Residences targets the growing demand for high-end apartments in the eastern part of the city, while Pristie Lạc Trung leverages a long-term land lease in a central district. The successful placement at a 20,000 VND price, despite the stock trading higher, indicates strong investor appetite for the company’s new direction. The one-year lock-up on shares suggests management’s commitment to long-term value creation.

What to Watch

• Progress on construction milestones for Đức Giang Residences and Pristie Lạc Trung, including any delays or cost overruns.
• Quarterly financial reports to assess the deployment of the 1,130 billion VND raised and its impact on cash flow.
• Any additional land acquisitions or project announcements that signal further expansion beyond the current two projects.
• Regulatory approvals for the projects, particularly zoning and construction permits.
• Trading volume and price movement of TET shares post-lock-up expiry in July 2027, which could indicate investor sentiment.