Thaiholdings (THD) to Buy 78.32M More Thaigroup Shares, Stake Slips to 44.36%

Overview

Thaiholdings (HNX: THD) has approved registering to buy an additional 78.32 million ordinary shares of Thaigroup in the latter’s ongoing rights offering, equal to 38.02% of the shares on offer. The subscription would lift Thaiholdings’ Thaigroup holding to 250.64 million shares, while its ownership ratio falls to 44.36% from 48% as Thaigroup’s charter capital expands. It is the second such top-up this year and reinforces Thaigroup’s position as Thaiholdings’ largest associate investment.

Key Facts

• Thaiholdings currently holds 172.32 million Thaigroup shares, equal to 48% of charter capital.
• The board approved registering for 78.32 million additional ordinary shares, or 38.02% of the current offering.
• Post-deal holding would reach 250.64 million shares, with the ownership ratio falling to 44.36%.
• In July 2026, Thaiholdings approved buying 52.32 million Thaigroup shares, lifting its holding from 120 million to 172.32 million while the ratio stayed at 48%.
• The Thaigroup investment was carried at more than VND 2,373 billion as of 30 June 2026, against Thaiholdings’ total assets of about VND 5,400 billion.
• Thaiholdings cut its Thaigroup stake from 81.6% to 48% in June 2024 after transferring 84 million shares, deconsolidating the company.
• THD closed at VND 108,700 per share on 5 October 2026, down 0.28%.

What Happened

The board resolution of Công ty Cổ phần Thaiholdings sets out the registration to subscribe for 78.32 million Thaigroup ordinary shares in the current offering to existing shareholders. The filing states Thaiholdings holds 172.32 million Thaigroup shares, or 48% of charter capital, and that the new subscription equals 38.02% of the total shares offered in this round. On completion, the holding would rise to 250.64 million shares, but the ownership ratio is expected to ease to 44.36% because Thaigroup’s capital base is being enlarged at the same time.

This is the second Thaigroup subscription Thaiholdings has approved in 2026. In July, it signed off on buying 52.32 million shares in an earlier rights offering, taking its holding from 120 million to 172.32 million shares while the 48% ratio was unchanged. Thaigroup was formerly a Thaiholdings subsidiary; in June 2024 Thaiholdings completed the transfer of 84 million Thaigroup shares, cutting its stake from 81.6% to 48% and ending consolidation. The article does not disclose the subscription price or total cash outlay for the new purchase.

Market Context

THD trades on the HNX and closed at VND 108,700 per share on 5 October 2026, down 0.28%, with a recent reference price of VND 108,800. The stock sits within the real estate and infrastructure segment, where Vietnamese developers have leaned on repeated rights issues to fund large land banks and long-dated projects. Thaiholdings’ balance sheet is concentrated: the Thaigroup associate alone was carried at over VND 2,373 billion against roughly VND 5,400 billion in total assets at 30 June 2026, so the share price is sensitive to Thaigroup’s capital-raising cadence and project pipeline.

Strategic Significance

The subscription keeps Thaiholdings anchored to Thaigroup’s project pipeline while avoiding reconsolidation, which would pull Thaigroup’s liabilities onto Thaiholdings’ books. Thaigroup has flagged a complex of more than 1,000 hectares in Ninh Bình with planned investment of about VND 128,000 billion, and Thaiholdings is one of three members of the consortium proposing the Hanoi Twin Towers 99 at 5-7 Đào Duy Anh, Hà Nội, alongside Công ty Cổ phần Du lịch Kim Liên and Công ty Cổ phần Đầu tư Xây dựng Thái Sơn, a Vingroup member. That proposal covers about 34,936 square metres, two 99-storey towers, six basement levels and roughly 568 metres in height, with estimated capital of USD 3-3.5 billion. For long-term holders, the thesis rests on whether Thaiholdings can convert associate-level exposure into realised project value without diluting its own equity further.

What to Watch

• Thaigroup’s announcement of the final offering price, subscription ratio and settlement date.
• Thaiholdings’ next financial statements for the updated carrying value of the Thaigroup associate and any change in accounting treatment.
• Hà Nội municipal authorities’ response to the Hanoi Twin Towers 99 proposal at 5-7 Đào Duy Anh.
• Progress disclosures on Thaigroup’s Ninh Bình complex and its VND 128,000 billion capital plan.
• Further rights issues or share transfers that would move Thaiholdings’ Thaigroup ratio below or above the 44.36% level.