Imexpharm executives register to sell shares to trim stakes as Lian SGP launches public bid for 77.94% stake

Three executives of Three Imexpharm Joint Stock Company (IMP) have registered to sell IMP shares to trim their holdings, following a public takeover bid announced for the company’s charter capital.

Executive share divestment registrations

Imexpharm’s stock trading notice said Ms. Tran Thi Dao, a member of the Board and Chief Executive Officer, registered to sell 371,400 IMP shares. If the transaction is completed, her stake would fall to 300,000 shares, equivalent to 0.20% of the company’s charter capital.

Mr. Ngo Minh Tuan, Deputy CEO, registered to sell 156,000 IMP shares to reduce his ownership to 150,000 shares, representing 0.10% of charter capital.

Mr. Huynh Van Nhung, another Deputy CEO, registered to sell 80,000 IMP shares during 16/4-15/5, citing family-finance reasons. If completed, Nhung would hold 100,000 shares, or 0.065% of charter capital.

Takeover bid context and offer terms

The divestments come after Imexpharm disclosed a public takeover bid by Lian SGP Holding Pte. Ltd. The bidder plans to acquire 77.94% of Imexpharm’s charter capital through an offer size of 120,059,970 shares, equivalent to 77.96% of voting shares. The bid price is VND 57,400 per share, with the registration period running from 13/3 to 23/4/2026.

Lian SGP Holding Pte. Ltd. is incorporated in Singapore and is wholly owned by Livzon Pharmaceutical Group Inc. The company is engaged in investment, holding, and management of equity in enterprises, including supervising subsidiaries and associates.

Prior ownership transaction

In May 2025, SK Group (Korea) exited its entire stake in Imexpharm. The buyer was Livzon Pharmaceutical Group Inc. via its indirect subsidiary Lian SGP Holding Pte. Ltd., which acquired 64.81% of Imexpharm’s shares for about VND 5.731 trillion (roughly USD 219 million).

Recent financial performance

Imexpharm’s Q4 2025 results showed a mixed picture. Net revenue reached VND 640.8 billion, down 1.7% year-on-year, attributed to slower market demand and intensifying competition. However, the cost of goods sold fell 8.3% to VND 354.4 billion, lifting gross profit to VND 286.4 billion, up 7.8% year-on-year.

While gross margin improved, selling and administrative costs remained under pressure. Selling expenses rose 34.5% to VND 101.6 billion and administrative expenses increased 27.3% to VND 45.2 billion. Net profit was VND 107.5 billion, down 10.9% year-on-year, and EPS declined from VND 673 to VND 627.

For the full year 2025, Imexpharm reported growth with net revenue of VND 2,441 billion, up nearly 11%, and net profit of VND 349.1 billion, up 10%. The company attributed the Q4 cost pressure to restructuring of the sales network, investment in digital transformation, and market expansion both domestically and abroad.

Analyst view

In SSI Research’s latest note, the rating was lowered to “Neutral” as the stock neared its target price. The note said the stock remains capable of outperforming peers in the pharmaceutical sector, but the recent price rise (+12% since the “Positive” rating) largely reflected profit expectations already priced in, bringing the risk-reward back to normal amid near-term profitability pressures.