Platinum Victory to increase REE stake to 44.99% with new registration to buy about 17.8 million shares

Platinum Victory Pte. Ltd. has filed to register to buy more than 17.8 million REE shares of Refrigeration and Air Conditioning Joint Stock Company (Cơ Điện Lạnh), just after a previously unsuccessful trading round. According to REE’s stock trading result report, Platinum Victory did not purchase any of the more than 17.8 million shares registered from March 2, 2026 to March 31, 2026, with the fund attributing the failure to unfavorable market conditions. The fund continues to hold about 225.9 million REE shares, representing 41.7% of charter capital. Immediately after the previous trading result, Platinum Victory registered to repurchase exactly the same quantity — more than 17.8 million shares. The expected buy window is from April 6, 2026 to May 5, 2026. If successful, the foreign fund’s ownership in REE would rise to 44.99%, equivalent to nearly 243.7 million shares. Platinum Victory Pte. Ltd is an investment fund under the Jardine Matheson Group, which invested in REE after converting bonds to shares since 2013. Currently, Platinum Victory Pte. Ltd is REE’s largest shareholder with 44.99% of charter capital. The Ngo family group around Chairwoman Nguyen Thi Mai Thanh and related parties hold about 24.5% of charter capital. Ho Chi Minh City Finance Investment Company (HFIC) holds around 7.16%, and REE Energy Co. holds about 14.12%. The planned rise in ownership comes as REE’s top leadership faces upheaval. As of March 31, 2026, two representatives authorized by Platinum Victory have officially withdrawn from the company’s leadership: Mr. Alain Xavier Cany no longer serves as Vice Chairman of the Board, and Ms. Hsu Hai Yen also ceased to be a Board member. In governance matters, the company approved the resignation of Chief Financial Officer Windsor Cristobal as of March 28, 2026 for personal relocation reasons, with contract termination and settlement through March 27, 2026, and handover of records and receivables as required. For 2025, REE posted net revenue of over 10,011.6 billion VND, up 19.4% year over year; net income after tax exceeded 3,149.4 billion VND, up 31.4%. Notably, leadership compensation in the year was highlighted. According to 2025 quarterly financial reports, total remuneration of REE’s management rose 28.5% to about 25.8 billion VND. The increase mainly stemmed from compensation for the newly appointed CEO Ashok Ramachandran. In the nine months since his appointment on April 9, 2025, Ashok earned about 10.45 billion VND, averaging roughly 1.16 billion VND per month, making him the highest-paid executive in the group for 2025.