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On May 11, FPT Telecom Joint Stock Company (FPT Telecom, ticker FOX) disclosed unusual information related to its failure to fully meet the conditions required to maintain public company status under current regulations.
According to the shareholder list as of May 5, 2026, FPT Telecom does not meet the requirement that at least 10% of voting-right shares must be held by at least 100 investors who are not major shareholders.
The company said it will study and implement appropriate options to address the situation, ensuring compliance within the regulatory timeframe.
Since July 2025, the Ministry of Public Security has taken over representation rights for more than 50% of the State capital in FPT Telecom from the State Capital Investment Corporation (SCIC). In addition, FPT Telecom’s other major shareholder, FPT Group, holds 45.7% of shares.
Together, these two shareholders account for more than 95.7% of the shares, leaving market free float at about 4.3%, which is below the 10% minimum required by law.
To resolve the issue, FOX would need to increase the ownership stake of smaller shareholders. However, the company noted that available options face significant obstacles.
The transfer of FOX shares from SCIC to the Ministry of Public Security was carried out under a policy to reorganize State ownership in enterprises, aimed at ensuring data security and supporting national digital transformation. As a result, reducing the Ministry’s stake below a controlling level (50%) is considered unlikely in the near term.
Separately, from January 1, 2026, FPT changed its accounting method for FOX from “subsidiary” to “associate company.” However, FOX remains an important business segment for FPT, making it unlikely that FPT would divest a meaningful portion of its stake to improve FOX’s public-company profile. If any sale occurs, it would likely be at a small scale.
FPT Telecom was established in January 1997, originating from the Online Service Center founded by four members, with Vietnam’s first Internet product “Vietnamese Wisdom - TTVN.” Today, the company provides telecommunications and Internet services.
In Q1, FPT Telecom reported revenue of over VND 5,158 billion, up 12.6% year over year. Profit before tax reached VND 1,126 billion, up 12.9% compared with the same period last year.
For 2026, FPT Telecom plans to achieve revenue of VND 22,000 billion, up 12.8% from 2025. Profit before tax is projected at around VND 5,100 billion, up nearly 17% from the previous year.
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