Xuan Cau Holdings Abandons VIW Share Purchase; Vinaconex Plans Massive Stake Reduction

Overview

Xuan Cau Holdings has abandoned its plan to purchase nearly 14 million shares of Viwaseen (VIW), citing unfavorable market conditions. Simultaneously, Vinaconex (VCG) registered to sell 35.4 million VIW shares to reduce its stake from 86% to 25%, while An Quy Hung Holding registered to buy 13.3 million shares. These transactions indicate a significant ownership shift at the water and environment company.

Key Facts

• Xuan Cau Holdings reported it did not buy any of the nearly 14 million VIW shares it had registered to purchase between April 23 and May 22, 2026.
• The reason given was unfavorable market conditions. Neither Xuan Cau Holdings nor its chairman, To Dung, currently holds any VIW shares.
• Vinaconex (VCG) registered to sell approximately 35.4 million VIW shares from May 28 to June 26, 2026, via order matching and/or negotiation.
• If completed, Vinaconex’s stake in Viwaseen will drop from over 86% to 25%, equivalent to about 14.5 million shares.
• An Quy Hung Holding registered to buy over 13.3 million VIW shares in the same period (May 28 to June 26), aiming to hold about 23% of Viwaseen’s capital.
• VIW shares are under warning on UPCoM due to consecutive years of qualified audit opinions. The closing price on May 28 was VND 23,600.
• In Q1 2026, Viwaseen reported after-tax profit of nearly VND 13 billion, up from over VND 6 billion in the same period last year.

What Happened

Xuan Cau Holdings, a company chaired by To Dung (who also chairs Viwaseen), announced it did not execute the purchase of nearly 14 million VIW shares as previously registered. The company cited unfavorable market conditions for the period from April 23 to May 22, 2026. As a result, neither Xuan Cau Holdings nor To Dung holds any VIW shares.

In a related development, Vinaconex (VCG) registered to sell approximately 35.4 million VIW shares between May 28 and June 26, 2026, aiming to restructure its investment. If the sale is completed, Vinaconex’s ownership will fall from over 86% to 25% of charter capital. On the other side, An Quy Hung Holding registered to buy over 13.3 million VIW shares in the same period for investment purposes, which would give it about a 23% stake.

Market Context

VIW shares are listed on UPCoM and remain under warning due to multiple years of qualified audit opinions. The stock closed at VND 23,600 on May 28 with low volume. Vinaconex (VCG) shares closed at VND 20,600, down 0.96%, with volume of 2.8 million shares. The planned large-scale sale by Vinaconex and purchase by An Quy Hung Holding signal a major ownership restructuring at Viwaseen, which could impact the stock’s liquidity and valuation.

Strategic Significance

The ownership changes at Viwaseen reflect a strategic shift: Vinaconex is reducing its controlling stake from 86% to 25%, while An Quy Hung Holding is positioning to become a significant minority shareholder with 23%. This could lead to a more balanced shareholder structure and potentially improve corporate governance. The entry of An Quy Hung Holding, a new investor, may bring fresh capital and strategic direction. However, the failure of Xuan Cau Holdings to follow through on its purchase raises questions about the attractiveness of VIW at current levels.

What to Watch

• Completion of Vinaconex’s sale of 35.4 million VIW shares by June 26, 2026.
• An Quy Hung Holding’s purchase of 13.3 million VIW shares and its subsequent stake disclosure.
• Any further announcements from Xuan Cau Holdings or To Dung regarding future VIW acquisitions.
• Viwaseen’s Q2 2026 earnings and any improvement in audit opinions.
• Changes in VIW’s stock price and trading volume around the transaction period.