Taseco Land (TAL VN): Dragon Capital shareholder group has become major shareholder
6 funds managed by Dragon Capital collectively purchased 20.58 million TAL VN shares via the recent private placement, increasing its ownership from 0.64% up to 6.36%. Taseco Land received proceeds of nearly VND1.5 trillion (about USD57 million) in this funding round and would use them for refinancing. The real estate developer also possesses a land bank of nearly 1,000 hectares with key projects such as Taseco Dong Van 3 IP (Ninh Binh) and Taseco Thuy Nguyen (Hai Phong). TAL VN closed at VND47,600 per share on 1st October 2025, thus 23.9x P/E and 5.0x P/B. BVPS was not adjusted following results of the private placement.
Nam Tan Uyen IP (NTC VN): To be listed on HOSE
HOSE approved NTC VN listing but did not disclose the first day of trading yet. End of June, the company recorded 3 major shareholders: (1) Phuoc Hoa Rubber (PHR VN) with 32.85% interest; (2) Vietnam Rubber Group (GVR VN) with 20.42%; and (3) Saigon VRG (SIP VN) with 19.95%. In H1, Nam Tan Uyen made revenue of VND277 billion (about USD10.5 million, up +124.2% YoY) and net income of VND169 billion (about USD6.4 million, up +28.8% YoY). NTC VN was last traded at VND166,000 per share on 1st October 2025, thus 12.1x P/E and 3.1x P/B.
GELEX Corporation (GEX VN): An insider wants to increase ownership
Ms. Dao Thi Lo – mother of Mr. Nguyen Van Tuan – CEO and also the largest shareholder with 23.6% direct interest, registered to purchase 12 million GEX VN shares, effective from October 6th to November 4th. If successful, she will own over 39 million shares, equivalent to 4.4% of current shares outstanding. In H1, GELEX completed 48% and 72% of its target revenue and profit, respectively. GEX VN closed at VND56,000 per share on 1st October 2025, hence 32.3x P/E and 3.5x P/B.
Antesco (ANT VN): Wants to move from UPCOM onto HOSE
The Board also chose a securities company as its advisor for listing. Before relocating to HOSE, Antesco will have offered 3.5 million additional shares (17.5% of current shares outstanding) at VND12,900 per share (meaning a discount of 56.4% compared to current market price) via private placement. Only one investor, Ylang Holdings who is already the largest shareholder with 24.7% ownership, will join this funding round. Antesco announced bullish business performance in H1 2025 with revenue of VND986 billion (about USD37.5 million, up +41.3% YoY) and net income of VND68 billion (about USD2.6 million, up +84.4% YoY). ANT VN was last traded at VND29,600 per share on 1st October 2025, suggesting 6.2x P/E and 1.8x P/B.
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