Lian SGP makes public offer for 77.94% stake in Imexpharm (IMP) as executives register block sales

Imexpharm Pharmaceutical Joint Stock Company (IMP) has disclosed several insider share sale registrations by members of its board of directors and senior executives. Trần Thị Đào, a board member and the group’s CEO, registered to sell 371,400 IMP shares. After the transaction, her holding is expected to decrease to 300,000 shares, equivalent to 0.20% of IMP’s charter capital.

In a separate registration, Ngo Minh Tuan, an IMP deputy general director, registered to sell 156,000 shares, reducing his ownership to 150,000 shares, or 0.10% of charter capital. These two transactions are scheduled to take place in the period from April 15 to May 14, 2026 for family financial balancing purposes.

Huỳnh Văn Nhung, another deputy general director, also registered to sell 80,000 shares from April 16 to May 15, 2026. If completed, his ownership would fall to 100,000 shares, representing 0.065% of capital.

Related corporate action: public offer

Recently, IMP announced a public offer for IMP shares by LIAN SGP HOLDING PTE. LTD., with an expected tender of 120,059,970 shares. This volume corresponds to 77.94% of IMP’s charter capital and 77.96% of voting shares. The offer price is 57,400 đồng per share.

The registration period for the public tender runs from March 13 to April 23, 2026. The tender agent is SSI Securities – Hanoi branch.

LIAN SGP HOLDING PTE. LTD. is a Singapore-registered entity wholly owned by Livzon Pharmaceutical Group Inc. It has charter capital of USD 300 million (about VND 7,825.8 billion) and is based in Singapore. Its core business includes investment, ownership and management of equity stakes in subsidiaries and associates, as well as supervision of affiliates’ operations.

Brokerage view and market context

SSI Research downgraded IMP to neutral as the stock price approaches the target level, despite the company showing growth potential relative to the pharmaceutical sector. SSI Research said the recent price rally—up about 12% since the prior favorable SSI Research rating—has largely priced in earnings expectations, bringing the risk-reward profile back to normal amid near-term profitability pressure.

Accordingly, SSI Research set a 12-month target price of 56,000 đồng per share (up from 55,000), implying limited upside of about 3%. The brokerage noted that long-term fundamentals remain solid, but near-term growth is constrained by weaker OTC demand and high selling, general and administrative costs.

As of the afternoon of April 13, IMP’s share price was up 0.72% to 55,900 đồng per share.