HPX

HPX plans to acquire 99% of HP An Phat Investment for VND 148.5B, a newly formed real estate firm. The deal, approved by the board, will make HP An Phat a subsidiary and aligns with HPX's strategy to expand its property holdings amid a modest Q1 profit decline.

HPX has completed the acquisition of 99% charter capital of HP An Phat, increasing its ownership in a 13.2-hectare Bac Ninh project to 60% and gaining control. The project is expected to generate over VND 3,000 billion in revenue from 2027 to mid-2028, marking a key step in the company's restructuring and growth strategy.

HPX targets 2026 net profit of 250 billion VND (+100%) and revenue of 1,999 billion VND (+60%), supported by a private placement of 150 million shares at 10,000 VND/share to raise 1,500 billion VND for debt repayment and project development. The company also plans to sell its 100% stake in Diamond IC for at least 5 billion VND and has canceled dividends for 2023 and 2025 to prioritize financial restructuring.

HPX targets charter capital above VND 4,500B via a VND 1,500B private placement to strategic investors, following a restructuring that reduced credit debt to VND 400B and bonds to VND 500B. The capital raise is intended to fund M&A and new projects as the real estate cycle turns.