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Bình Dương Water Environment Company JSC (Biwase, HOSE: BWE) is implementing a plan to restructure its business by splitting part of its operations into four wholly owned subsidiaries. Under the plan, assets and liabilities from the branch network will be transferred to four new single-member limited liability companies, fully owned by the parent company. The parent company will not be dissolved, and its charter capital will remain at over VND 2,199 billion. All employees currently working at the branches will be transferred to the new units to maintain stable operations.
At its 2026 annual general meeting, Biwase’s leadership said the move to convert eight branches into four LLCs is intended to increase the company’s autonomy, streamline professional operations, enable independent investment decisions, strengthen risk management, and align governance with international standards—supporting the company’s ability to attract more foreign investors.
The four new wholly owned subsidiaries will be established as indicated in the company’s presentation materials.
Biwase currently operates and invests beyond Bình Dương. In Ho Chi Minh City, it holds 43% of the charter capital of Tan Hiep Water Investment JSC. In the Mekong Delta, Biwase owns 33.65% of Vinh Long Water Supply JSC. The group also directly operates Biwase Can Tho and runs Can Tho Water Plant 3.
In Long An, Biwase has investments in Phu Hung Long Water and operates Nhị Thành Water Plant Phase 3. In the South Central region, the company holds 24.76% of Ninh Thuan Water JSC. Biwase also acts as a contractor on multiple water and wastewater treatment projects in An Giang.
For 2026, Biwase targets consolidated revenue of at least VND 5,400 billion. The company’s after-tax profit target for 2026 is VND 770 billion, down about 14% compared with 2025. Biwase also expects to raise water-supply capacity to above 1 million cubic meters per day.
Biwase plans to pay a 2025 cash dividend of 13% (VND 1,300 per share). The payment date is scheduled for 20 May 2026.
Separately, Biwase plans to raise capital by offering more than 31.3 million shares to existing shareholders at VND 37,000 per share, with a rights ratio of 7:1. The expected proceeds are more than VND 1,162 billion.
The company plans to use the funds for: (i) acquiring more than VND 164 billion of shares of Ninh Thuan Water JSC (NNT); (ii) investing in a waste-to-energy plant (BiWaste) with a 24 MW capacity (Stage 1: 12 MW at around VND 225 billion); and (iii) repaying banks and other credit facilities with the remaining approximately VND 773 billion.
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