Transimex (TMS) Sets 2025 Dividend of 5% Cash and 7% Stock, Raises VMT Stake

Overview

Transimex (HoSE: TMS) has fixed September 28, 2026 as the record date for its 2025 dividend, payable 5% in cash and 7% in stock for a combined 12% payout. The board also approved the purchase of additional shares in Central Transport and Forwarding JSC (UPCoM: VMT) to raise its ownership. The cash component alone implies roughly VND 86.4B, and the stock issue would lift charter capital from VND 1,727B to about VND 1,848B.

Key Facts

• Record date: September 28, 2026; cash payment date: October 9, 2026.
• Cash dividend of 5%, or VND 500 per share, on more than 172.7 million shares outstanding — about VND 86.4B in total.
• Stock dividend of 7% (100:7), issuing nearly 12.1 million new shares with a par value of roughly VND 121B.
• Stock dividend funded from audited 2025 consolidated undistributed after-tax profit; fractional shares are cancelled.
• Charter capital would rise from over VND 1,727B to over VND 1,848B if the issue completes.
• VMT investment plan approved at a total par value of VND 15B, funded from equity and/or other lawful sources, executed via put-through or order matching on UPCoM.
• As of June 30, 2026, VMT was a direct subsidiary of Transimex with a 50.38% voting ratio and 39.51% economic interest.

What Happened

According to a board resolution disclosed by the company, Transimex will close its shareholder list on September 28, 2026 to execute the 2025 dividend in both cash and shares. Shareholders will receive VND 500 per share in cash, with payment scheduled for October 9, 2026. The stock component is set at 100:7, meaning holders of 100 shares receive seven new shares, with any fractional entitlement rounded down and cancelled. The new shares are funded from audited 2025 consolidated undistributed after-tax profit.

In the same resolution, the board approved a plan to buy additional shares of Central Transport and Forwarding JSC (VMT), listed on UPCoM, to increase Transimex’s ownership. The investment is capped at VND 15B at par value, funded from equity and/or other lawful capital sources, and may be executed by put-through or order matching on UPCoM. The board delegated implementation to the Chairman, who will direct the CEO and relevant departments to complete the required procedures in line with law and the company charter. VMT, established on August 12, 2002 and headquartered in Hòa Cầm Industrial Park, Đà Nẵng, provides road freight, warehousing and storage, and freight forwarding agency services.

Market Context

TMS closed at VND 35,900 on September 6, 2026. At that price, the 5% cash component equates to roughly a 1.4% cash yield, while the full 12% payout — including the 7% stock portion — is the headline figure for shareholders. The stock dividend will dilute earnings per share on a mechanical basis while broadening the share count, and the cash outlay of about VND 86.4B is modest relative to the company’s equity base. The VMT purchase is small in absolute terms at VND 15B par value but directionally consistent with Transimex’s consolidation of its logistics network, where VMT already sits as a direct subsidiary.

Strategic Significance

For long-term holders, the resolution signals two things. First, Transimex is retaining a meaningful portion of 2025 profit in the business while still returning cash — the 7% stock dividend preserves liquidity and lifts charter capital toward VND 1,848B, which supports larger-scale logistics operations and potential future capital needs. Second, the incremental VMT purchase, though limited to VND 15B at par, points to continued vertical integration in freight forwarding and warehousing along the central Vietnam corridor anchored by Đà Nẵng. Raising the economic interest above the current 39.51% would let Transimex capture more of VMT’s earnings, though the voting stake of 50.38% already gives it control. The key question is whether the added capital translates into operating synergies or simply a larger consolidated base.

What to Watch

• Confirmation of the ex-dividend and record-date mechanics, and the final list of shareholders on September 28, 2026.
• The October 9, 2026 cash payment and the subsequent listing of the nearly 12.1 million new shares.
• Disclosure of the actual VMT purchase volume, average price and resulting ownership ratio versus the current 50.38% voting and 39.51% economic interest.
• Transimex’s next quarterly earnings release for evidence that higher charter capital is being deployed into logistics capacity.
• Any further board resolutions on capital allocation, including additional M&A in the freight forwarding or warehousing segment.