Âu Lạc group increases ownership in ACB to over 5% after reaccumulating shares

After previously divesting, the Au Lac group has returned to accumulate shares and increased its stake in Asia Commercial Bank (ACB) to more than 5%, drawing attention given the individuals and entities involved in past large banking transactions.

Au Lac group increases stake in ACB to 5.01%

The Au Lac group, comprising individuals and entities, now holds 257.4 million ACB shares, equivalent to 5.01% of the bank’s charter capital, making it a major shareholder of ACB.

In particular, Nguyen Thien Huong Jenny bought 931,700 ACB shares in the trading session on March 26, 2026. Her holding increased from 77.9 million shares (1.51%) to 78.84 million shares (1.53%).

Key related holdings within the Au Lac group

Nguyen Thien Huong Jenny is the daughter of Ngo Thu Thuy, chairwoman of Au Lac JSC. Currently, Ngo Thu Thuy owns 0.95% of ACB, while her husband, Nguyen Duc Hinh, also holds 0.95% of ACB.

Nguyen Duc Hieu Johnny, the chairwoman’s son, owns 1.14% of ACB, while Mai Phi Lan holds 0.13%. In addition, Lang Education International Tian Huong JSC holds 0.14% and Icon JSC holds 0.16%.

Together, the Au Lac group holds 257.4 million shares, representing 5.01% of ACB’s charter capital.

Background: Au Lac’s prior exit and return to ACB

Ngo Thu Thuy is a well-known figure, including her past involvement in the power-play for Eximbank (EIB). Previously, Au Lac was a long-time shareholder of EIB and later sold all EIB shares to buy ACB.

Since early 2023, Au Lac gradually sold ACB shares and officially exited its holdings by the first quarter of 2024, before returning to larger-scale purchases later.

Au Lac JSC: business and recent market listing

Au Lac Joint Stock Company (ALC) operates under a business registration certificate issued by the Ho Chi Minh City Department of Planning and Investment on September 4, 2002. Its lines of business include coastal and offshore fuel transport; inland waterway fuel transport; marine services and shipping transport; ship agency services; maritime transport agency; and ship leasing and sale, among others.

According to its 2025 prospectus, Au Lac currently owns a fleet of 8 ships with a total deadweight of 119,574 DWT.

On January 15, 2026, 56.47 million ALC shares began trading on UPCoM at a reference price of 22,400 VND per share, implying a market capitalization of about 1,265 billion VND.

Au Lac financial performance in 2025

Au Lac’s 2025 audited consolidated financial statements show net revenue of 1,312 billion VND, down 16% year-on-year. Gross profit increased to 434 billion VND, supported by cost reductions.

With lower interest expenses and selling costs, annual net profit reached 284 billion VND, up 9% from the previous year—marking the fourth consecutive year of record profit.

Au Lac shareholder structure

Within Au Lac, the chairperson’s two children—Nguyen Duc Hieu Johnny and Nguyen Thien Huong Jenny—hold 9.82% and 12.81% of the company’s charter capital, respectively.

Au Lac also has two foreign shareholders owning nearly 35% of charter capital: Polyscias Pte. Ltd (17.7%) and Coney Pearl Pte. Ltd (17.13%), both registered at Keppel Bay Tower, Singapore.

ACB’s recent corporate plans

ACB has recently announced plans to issue 20,000 billion VND in bonds and to buy back 15,000 billion VND of pre-existing debt. At the 2026 annual general meeting, the bank will propose a 20% dividend payout, raise charter capital beyond 58,000 billion VND, and propose establishing an insurance subsidiary.