TVC registers to buy 1.87M TVB shares, raising stake to 74.95%

Overview

Tập đoàn Quản lý tài sản T-Corp (TVC, HNX) has registered to purchase 1.87 million shares of Chứng khoán T-Cap (TVB, HoSE) during August 6 to September 4, 2026. If successful, TVC’s stake in TVB will rise from 73.23% to 74.95%. This follows TVC’s failure to sell 24.8 million TVB shares in late July due to unfavorable market conditions.

Key Facts

• TVC registered to buy 1.87 million TVB shares from August 6 to September 4, 2026, for investment purposes.
• The purchase would raise TVC’s ownership from 79.9 million shares (73.23% of capital) to 81.78 million shares (74.95%).
• TVC previously failed to sell any of the 24.8 million TVB shares it had registered to sell from June 29 to July 28, 2026, citing unfavorable market conditions.
• In an earlier transaction (May 5 to June 3, 2026), TVC bought 497,500 of the 500,000 TVB shares it had registered, increasing its stake from 72.78% to 73.23%.
• TVC completed a buyback of 20 million treasury shares from June 11 to July 9, 2026, at an average price of VND 10,334 per share.
• The buyback was funded by share premium (VND 24.1 billion), development investment fund (VND 23.7 billion), other equity funds (VND 23.5 billion), and undistributed after-tax profit (VND 350.9 billion).
• Bà Nguyễn Thị Hằng, Chairwoman of TVC and General Director of TVB, sold all 100,000 TVC shares she held (0.1% of TVC) between June 23-24, 2026.

What Happened

TVC, the parent company of securities firm TVB, has registered to buy an additional 1.87 million TVB shares in the period from August 6 to September 4, 2026. The transaction, aimed at investment purposes, would increase TVC’s holding from 79.9 million shares (73.23%) to 81.78 million shares (74.95%). The registration was disclosed in a regulatory filing.

This move comes just days after TVC failed to sell any of the 24.8 million TVB shares it had registered to sell between June 29 and July 28, 2026. The company attributed the incomplete sale to unfavorable market conditions. TVC has been steadily increasing its stake in TVB over recent months, including a purchase of 497,500 shares in May-June 2026.

Separately, TVC completed a buyback of 20 million treasury shares between June 11 and July 9, 2026, at an average price of VND 10,334 per share. The buyback was funded from retained earnings and various equity reserves. Additionally, Chairwoman Nguyễn Thị Hằng sold her entire holding of 100,000 TVC shares in late June, reducing her stake to 0%.

Market Context

TVB shares closed at VND 7,000 on July 30, 2026, while TVC closed at VND 8,500 on the same day. The failed sale of 24.8 million TVB shares suggests limited liquidity or weak demand for the stock at current levels. TVC’s continued accumulation of TVB shares, despite the market headwinds, signals a long-term commitment to its securities subsidiary. The buyback of TVC’s own shares also indicates management’s view that the stock is undervalued.

Strategic Significance

TVC’s decision to increase its stake in TVB, rather than reduce it, underscores its strategic focus on the securities business. By raising ownership to nearly 75%, TVC strengthens its control over TVB’s operations and potential future dividends. The failed sale attempt may reflect TVC’s assessment that TVB’s value is better realized through continued ownership, especially as the securities sector in Vietnam is poised for growth. The treasury share buyback further aligns with a strategy to enhance shareholder value, despite the chairwoman’s personal sale of shares.

What to Watch

• Completion of the 1.87 million share purchase by September 4, 2026, and any updates on partial execution.
• TVB’s trading volume and price movement during the transaction window, which may indicate market sentiment.
• TVC’s next quarterly earnings report for any impact of the increased stake and treasury share buyback.
• Any further regulatory filings from TVC or TVB regarding ownership changes or capital actions.
• The chairwoman’s future transactions in TVC or TVB shares, given her dual roles.