Vidipha (VDP) Major Shareholders Raise Stakes to 13.79% and 15.73%

Overview

Two major shareholders of CTCP Dược phẩm Trung ương Vidipha (VDP, HOSE) increased their ownership by purchasing shares left unsubscribed in the company’s rights offering. Nguyen Quoc Hung raised his stake to 13.79% and Le Quang Hai to 15.73%, according to shareholder ownership disclosures. The purchases matter because they absorb stock that existing holders did not take up in a raise intended to fund an EU-GMP injectable antibiotics line.

Key Facts

• Nguyen Quoc Hung bought 114,915 VDP shares on 23/9, lifting his holding from 4.3 million shares (13.43%) to 4.41 million shares, or 13.79% of capital.
• Le Quang Hai bought 60,000 VDP shares on 22/9, raising his holding to 5.03 million shares, equal to 15.73% of Vidipha.
• Both purchases were of shares not fully distributed in Vidipha’s rights offering; the shares are subject to a one-year transfer restriction.
• Vidipha is offering nearly 9.94 million shares to existing shareholders at a 100:45 ratio, with the shareholder list finalised on 24/7/2026.
• The offering price is VND 10,000 per share, targeting more than VND 99.3 billion in proceeds.
• If fully issued, charter capital would rise from VND 220.8 billion to more than VND 320.2 billion.
• Proceeds are earmarked for a Cephalosporin powder-injection production line meeting EU-GMP standards: VND 2 billion for renovating a 6,500 sqm workshop and VND 97.2 billion for machinery and equipment.

What Happened

Vidipha, listed on the Ho Chi Minh City Stock Exchange under ticker VDP, disclosed ownership changes among its large shareholders. Nguyen Quoc Hung purchased an additional 114,915 shares on 23/9, increasing his position from 4.3 million shares, or 13.43%, to 4.41 million shares, or 13.79% of the company. His younger brother, Nguyen Quoc Anh, separately holds 400,345 shares, equal to 1.25% of capital. Hung had previously bought more than 2.5 million shares on 12/8/2026 and 1.75 million shares on 25/8/2026, the transactions through which he became a major shareholder.

A second large shareholder, Le Quang Hai, bought 60,000 VDP shares on 22/9/2026, raising his ownership to 5.03 million shares, or 15.73% of Vidipha. Hai became a major shareholder after purchasing more than 4.95 million shares on 7/8/2026. Both investors acquired shares that were not fully distributed in Vidipha’s rights offering. The company has not yet announced the final results of the offering.

Market Context

VDP closed at VND 31,550 on 24/9/2026, roughly three times the VND 10,000 subscription price of the rights issue, a gap that helps explain why existing holders subscribed and why unsubscribed stock drew buyer interest. Vidipha sits in the pharmaceuticals sector, where EU-GMP certification is a key competitive threshold for winning hospital and export contracts. The purchases add to a run of insider and large-shareholder accumulation in VDP since early August 2026, when both men first crossed the major-shareholder threshold.

Strategic Significance

The capital raise is not a routine balance-sheet exercise: the proceeds are tied to a Cephalosporin powder-injection line built to EU-GMP standards, a segment where domestic capacity is limited and import substitution is a policy priority. Concentrating 15.73% and 13.79% of the register in two individuals, both of whom bought unsubscribed stock and accepted a one-year lock-up, reduces free-float overhang from the offering and signals conviction in the project’s execution. For long-term holders, the thesis rests on whether the new line lifts Vidipha’s product mix toward higher-margin, EU-standard injectables and whether the enlarged share count dilutes per-share earnings faster than the new capacity adds to profit.

What to Watch

• Vidipha’s official announcement of final rights-offering results, including the total take-up rate and any remaining undistributed shares.
• Registration of the charter capital increase from VND 220.8 billion to more than VND 320.2 billion with the business registration authority.
• Progress milestones on the EU-GMP Cephalosporin injectable line, including equipment procurement and certification timelines.
• Further ownership filings from Nguyen Quoc Hung, Le Quang Hai or related parties, including Nguyen Quoc Anh’s 1.25% holding.
• Quarterly earnings disclosures showing whether the expanded share count is matched by revenue and margin growth.