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TTC Land plans to acquire Thành Thành Nam, a real estate leasing and rest-stop operator, to secure more stable income during a period the company described as less favorable for the broader real estate market.
TTC Land has finalized a plan to issue nearly 186 million shares to swap for Thành Thành Nam’s shares. After the transaction, TTC Land is expected to own 99.6% of Thành Thành Nam’s charter capital, completing the merger into a subsidiary.
Thành Thành Nam operates within the Thành Thành Công Group ecosystem. Its charter capital at the end of last year was nearly 850 billion dong, while total assets were around 1,300 billion dong.
According to TTC Land Chairman Nguyen Thanh Truong, Thành Thành Nam’s core business is leasing office space and shopping malls. The company expects that after the merger, TTC Land’s total leased floor area will rise by 42,000 square meters to 208,000 square meters.
Mr. Truong said the real estate sector’s business model and competitive landscape have changed significantly, prompting TTC Land to seek a new direction and a foundation for developing residential housing. The company views real estate leasing as a stable business over the next 5–10 years, expected to generate steady cash flow and be “immune” to unusual fluctuations in the real estate market.
He also noted that, in addition to office and shopping mall leasing, Thành Thành Nam operates service areas to diversify revenue. This month, the company opened its first service area on the Phan Thiết – Vĩnh Hảo expressway. It plans to deploy 9 more service areas (18 points) during the year.
In response to questions about potential dilution from issuing additional shares to increase ownership in Thành Thành Nam, Mr. Truong said management would proceed only if the deal creates long-term value, stabilizes cash flow, and improves asset quality. He added that the company would not “sacrifice financial safety for near-term growth.”
TTC Land is the main real estate unit of the Thành Thành Công Group and is listed on the Ho Chi Minh City stock exchange.
Last year, the company reported revenue of more than 1,227 billion dong, up 50% year-on-year and the highest in five years. Pre-tax profit nearly doubled to 97 billion dong.
For this year, TTC Land targets revenue of 1,275 billion dong and pre-tax profit of 100 billion dong, representing a modest increase from the previous year. The leadership said the cautious targets do not include contributions from projects still in the legal clearance stage.
The company highlighted two major challenges. First, it holds valuable asset pools that have not yet translated into revenue due to legal obstacles. Second, the development cycle is now less dependent on market conditions and more affected by the pace of clearing bottlenecks.
TTC Land expects 2–3 projects to be cleared and resumed this year.
“TTC Land is not yet at its best in terms of business results, but everything is on the right track. We are accumulating assets, addressing legal issues, and expanding leasing activities to prepare for a new cycle,” Mr. Truong said.
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