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Lian SGP Holding Pte. Ltd (Singapore) has purchased 104,545,781 IMP shares, increasing its ownership to 104,545,781 shares and making it a major shareholder of Imexpharm. The stake represents 67.87% of Imexpharm’s charter capital, following a change in the execution date that shifted the ownership ratio to Lian SGP.
Previously, IMP announced a public tender offer for IMP shares with an expected tender of 120,059,970 shares, equivalent to 77.94% of Imexpharm’s charter capital and 77.96% of the voting shares. The offer price was 57,400 VND per share.
The registration period ran from March 13 to April 23, 2026. The public tender agent was SSI Securities Company – Hanoi Branch.
By the end of the registration period, Lian SGP Holding Pte. Ltd had purchased 104,545,781 IMP shares from 109 investors at 57,400 VND per share. Based on the transaction price, Lian SGP spent over 6,000 billion VND to acquire the shares.
In the market, IMP’s stock price fell to 46,600 VND per share, about 19% below Lian SGP’s bid price of 57,400 VND. The corresponding market capitalization was nearly 7,200 billion VND.
Lian SGP Holding Pte. Ltd is a Singapore-registered company, 100% owned by Livzon Pharmaceutical Group Inc. The company has charter capital of 300 million USD and is headquartered in Singapore. Its main business is investment, holding and managing equity interests in other companies, and supervising the operations of its subsidiaries and associates.
IMP leadership reported the following trading results:
All transactions occurred on May 7 via negotiated deals.
Separately, from April 17–21, SK Investment Vina III Pte., Ltd. (Singapore) transferred 68,810,829 IMP shares to Lian SGP Holding Pte. Ltd., reducing SK’s holding to 4,647,051 shares (about 3%). Cat Khanh Investment Joint Stock Company also transferred all 11,355,326 IMP shares to Lian SGP Holding Pte. Ltd.
For Mr. Woo Sungmin (Korea), an inside director of IMP and the authorized representative of SK and KBA, connections were noted.
At the 2026 annual general meeting, Tran Thi Dao said Livzon has identified and committed to maintaining a stable production and business strategy for Imexpharm, while expanding the product portfolio with high-technology content on the EU-GMP lines currently used by Imexpharm’s Cat Khanh complex to enhance competitiveness and support sustainable growth.
Ngo Minh Tuan, Deputy General Director of Operations, stated that the Cat Khanh complex project has total investment of VND 1,495 billion and a capacity of 1.4 billion units per year, including injections and tablets, implemented in three phases:
In December 2025, Imexpharm received the investment registration certificate and officially took over 9.76 hectares of land at Quang Khanh Industrial Park. In Q1 2026, the company established the Cat Khanh Branch to begin Phase 1.
According to the company, the master plan and site design for Phase 1—including internal roads, water supply and drainage, fire protection systems, and a warehouse—have been completed. Design for the plant, including technology and product plans, is expected to be completed in Q2–Q3 2026 for implementation in Q3–Q4 2026.
Earlier, SSI downgraded its recommendation to neutral as the stock price approached its target. SSI’s 12-month target price was 56,000 VND per share. The note cited that while IMP has strong growth potential in the pharmaceutical sector, near-term upside may already be priced in and the valuation is not yet attractive. IMP trades at a forward P/E of 23x for 2026, higher than the five-year average (17x) and higher than the regional peer average (20x).
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