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Sá xị Chương Dương Joint Stock Company (SCD) held its 2026 annual general meeting of shareholders, where management reported losses for five consecutive years, with cumulative losses of about VND 350 billion. The company said negative equity and deteriorating operating cash flow from ongoing losses have left it without sufficient funds to sustain operations through the year.
To address the expected cash shortfall, SCD proposed selling the Nhon Trach 3 plant and related assets, including the Saxi brand, to F&N Ventures for VND 93 billion. F&N Ventures is a subsidiary of F&N, part of the Thai Beverage ecosystem of Thai billionaire Charoen Sirivadhanabhakdi, and the entity is listed on the Singapore Exchange.
However, the proposed transfer of the Nhon Trach 3 plant was not approved at the meeting, receiving only 11.4% of voting rights in favor. Previously, at an extraordinary general meeting in February 2026, the Nhon Trach 3 plant sale to F&N also failed to receive approval, with a minimum price of VND 75 billion.
Management said that after divesting from the beverage segment, the company could reposition as a real estate company. In the near term, SCD plans to focus on exploiting existing assets in central Ho Chi Minh City and Bình Dương (old area), while seeking additional investment opportunities in the future.
In Q1 2026, SCD recorded revenue of VND 63 billion. After costs, the company posted a loss of nearly VND 11 billion.
As of the end of Q1, SCD held cash and cash equivalents totaling VND 98.8 billion, up about 40% from the start of the year, mainly due to non-term deposits.
Management noted that the domestic beverage market still grows about 5–6% per year, particularly in healthier, low-sugar products. However, the company said it currently lacks the resources to participate in this trend.
It also cited geopolitical tensions in the Middle East earlier this year, which pushed up material costs and logistics, continuing to pressure margins. The company added that cash flow difficulties increase the risk of financing costs in the near term.
Sá xị Chương Dương traces its origins to the Usine Belgique plant built by the French in 1952, later becoming a member of Sabeco. Over more than 70 years, the company specialized in carbonated beverages, light spirits, and purified water, distributing mainly in the south and exporting to several international markets.
In September 2025, the board approved extending two internal loans totaling over VND 450 billion from Sabeco. The company warned that without extensions, the risk of default—and even bankruptcy—was possible.
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