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Not long after SGI Holdings agreed on a policy to divest Thành Công Securities (TCSC, HOSE), TCI unexpectedly announced its intention to transfer all equity of Thành Công Fund Management Company (TCAM) to SGI Holdings, the parent company of TCI.
On April 17, the Board of Directors of TCI passed a resolution approving the transfer of 100% of TCAM’s equity to SGI Holdings, which is also TCI’s parent company. The transfer price is set at VND 196 billion, which is lower than the owner’s contributed capital of VND 200 billion as of the end of Q1 2026.
TCAM operates with total assets below contributed capital, recording over VND 189 billion, due to accumulated losses of more than VND 11 billion. The accumulated loss has risen sharply from nearly VND 6 billion at the start of the year, after TCAM posted heavy losses in Q1 2026.
In Q1, TCAM recorded a gross loss of more than VND 3 billion. The loss was driven by a sharp increase in costs related to investment portfolio management and fund management, while revenue reached only VND 600 million. TCAM also recorded nearly VND 11 billion in financial costs, 36 times the prior-year figure, attributed to losses from securities trading and an allowance for impairment of short-term investments. As a result, the unit posted a net loss of nearly VND 6 billion.
At the end of Q1, the largest component of TCAM’s balance sheet was short-term financial investments of nearly VND 113 billion, down sharply from over VND 174 billion at the start of the year. In its portfolio, TCAM sold MSN, VIB, HPG, and CTG shares and exited VCI completely, while buying SHB.
TCAM is also making provisions totaling more than VND 10 billion, mainly for investments in KDH and many other listed shares.
TCAM’s business situation is described as challenging, and TCI’s performance has also been weak. TCI’s net profit fell 80% year-on-year to less than VND 12 billion in 2025, including the sale of nearly 2.6 million HTP shares at a loss.
For the TCAM transfer deal, the execution window is set for April–May 2026.
The announcement comes not long after SGI Holdings agreed for Saigon 3 Capital Investment Co., Ltd (owned by SGI) to divest nearly 63.4 million shares, equivalent to 54.79% of TCI’s charter capital. The estimated value is not less than VND 768 billion, based on the year-end 2025 book value of VND 12,126 per share.
In recent periods, TCI’s shares have risen steadily from below VND 8,000 per share to above VND 10,000 per share, moving closer to its book value.
The ownership diagram of the SGI, TCI and TCAM group is referenced in the source as compiled by the author.
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