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Private placement of 50 million SBS Securities shares failed to attract investors. SBS Securities Joint Stock Company (listing code: SBS, UPCoM) announced that the offering, with a total expected value of 500 billion dong, did not proceed as planned because, at the closing time, no investors deposited funds into the escrow account according to the issuance schedule.
The company attributed the failure to market volatility, saying investors were unable to arrange funds to participate in the private placement.
Under the previously disclosed plan, SBS Securities offered 50 million shares at 10,000 dong per share, aiming to raise up to 500 billion dong.
The planned use of proceeds was:
The disclosed participation plan expected 4 domestic individual investors to take part. All four individuals were not previously shareholders of SBS Securities.
If the private placement had been successful, SBS Securities would have increased its outstanding shares from 146.6 million to 196.6 million, corresponding to charter capital of 1,966 billion dong.
In a separate development, SBS Securities held its 2026 annual general meeting of shareholders on April 24, 2026. Based on the eligibility check at 9:41 a.m. the same day, there were 26 shareholders present in person or via authorized representatives, representing more than 13.1 million shares (equivalent to 8.97% of total voting shares).
This attendance did not meet the minimum 50% requirement of total voting shares under the 2020 Enterprise Law and the company charter. As a result, the meeting could not proceed.
SBS Securities therefore planned to hold the 2026 annual general meeting (second time) on May 18, 2026. The meeting will be held for SBS shareholders on the list closing date of March 25, 2026.
The agenda includes the activity report of the Board of Directors, the Supervisory Board and the Management, along with other matters within the AGM’s authority.
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