TET (Pristie) Raises VND 1,130B, F1 Housing Takes 84.15% Stake

Overview

Pristie Real Estate JSC (HNX: TET), formerly Northern Textile and Garment JSC (Textaco), completed a private placement of 56.5 million shares at VND 20,000 per share, raising VND 1,130 billion and expanding charter capital almost eleven-fold. F1 Housing Company Limited acquired 84.15% of the post-issue capital, becoming the controlling shareholder. The company has also ended garment manufacturing at 79 Lac Trung Street in Hà Nội to make way for the Pristie Lac Trung residential complex.

Key Facts

• Private placement of 56.5 million shares priced at VND 20,000 each, raising VND 1,130 billion, completed in early July 2026.
• Charter capital rose from just over VND 57 billion to VND 622 billion, an increase of roughly 11 times.
• F1 Housing bought more than 52.3 million shares, equal to 84.15% of charter capital, from zero holdings before the issue.
• Five domestic investors took the entire placement, lifting their combined ownership to 91.94% of post-issue capital.
• Other subscribers: Finra Capital Technology JSC and three individuals, Hà Hải Định, Phạm Hoàng Long and Nguyễn Thị Diệu Thùy.
• Board resolution dated 22 September 2026 ended garment production at 79 Lac Trung, Vĩnh Tuy Ward, Hà Nội, with employee entitlements settled by 30 September 2026.
• F1 Housing was established in August 2025 with VND 400 billion in charter capital and raised it to VND 3,300 billion in April 2026; Nguyễn Vĩnh Phúc (born 1993) is Chairman and legal representative.

What Happened

According to the company’s board resolution of 22 September 2026, Pristie Real Estate approved the termination of sewing operations at 79 Lac Trung Street to clear the site for the Pristie Lac Trung commercial housing complex. The General Director was instructed to settle all employee entitlements through 30 September 2026, liquidate supply and service contracts tied to garment output, and inventory, seal, relocate or otherwise dispose of machinery and equipment at the workshop.

The decision follows a broader restructuring of TET’s capital and shareholder base. In early July 2026 the company finished the private placement of 56.5 million shares at VND 20,000 each, raising VND 1,130 billion. All shares went to five domestic investors, with F1 Housing taking more than 52.3 million shares, or 84.15% of charter capital. On 16 July 2026 the company changed its name from Northern Textile and Garment JSC to Pristie Real Estate JSC. The company also sponsored the Glow Up Việt Nam event at Nghĩa Đô Park in Hà Nội on the evening of 25 September 2026, which featured 122 fireworks displays.

Market Context

TET trades on the Hà Nội Stock Exchange (HNX). The most recent price context shows a close of VND 50,000 on 8 September 2026, well above the VND 20,000 placement price, implying a substantial markup for subscribers who bought into the issue. The stock sits at the intersection of two domestic themes: the long-running redevelopment of inner Hà Nội industrial land, and the broader wave of small-cap HNX names being recapitalised by new real-estate shareholders. The placement price and the subsequent halt of textile output mark TET’s formal exit from the garment sector, which had defined the company for nearly 70 years.

Strategic Significance

The investment case now rests entirely on the Pristie Lac Trung project rather than on textile earnings. The VND 1,130 billion raised is roughly 20 times the company’s pre-issue charter capital, giving TET a capital base it never had as a garment maker, while F1 Housing’s 84.15% holding concentrates control and aligns the new owner with the redevelopment outcome. The key question for long-term holders is whether a newly formed real-estate vehicle, itself only capitalised at VND 3,300 billion since April 2026, can execute a high-end residential complex on a constrained inner-city site. The 91.94% domestic-investor ownership also leaves a thin free float, which affects liquidity and index eligibility.

What to Watch

• Disclosure of the Pristie Lac Trung project’s investment certificate, land-use terms and construction timetable.
• Any HNX filing on the change of business lines, company name and sector classification following the textile exit.
• F1 Housing’s funding plan for the project, given its own capital increase from VND 400 billion to VND 3,300 billion.
• Q3 2026 financial statements, which should show the VND 1,130 billion proceeds and any restructuring costs from closing the 79 Lac Trung workshop.
• Foreign-ownership room and free-float data, given that domestic investors now hold 91.94% of TET.