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Vinaconex Joint Stock Company (VCG-HOSE, VCG) has announced a Board resolution to acquire 2.2 million shares of Giay Thuong Dinh Joint Stock Company (GTD-UPCoM), equivalent to 24.03% of GTD’s current charter capital.
VCG plans to purchase 2.2 million GTD shares as part of its investment in the company. GTD will hold its 2026 annual general meeting on May 6 at its headquarters at 277 Nguyen Trai, Khuong Dinh Ward, Hanoi.
In documents disclosed by GTD, the company’s Board has submitted a proposal to move the production plant from 277 Nguyen Trai, Hanoi to GTD’s export leather shoe production plant in Dong Van Industrial Zone, Duy Ha Ward, Ninh Binh Province. The relocation is expected to take place from May to August 2026.
Alongside the plant relocation, GTD is seeking shareholder input on the project “Thượng Đình mixed-use development: commercial housing combined with office, commerce, services, and a K-12 school” on an area of 36,105 m2, with a total estimated investment of 9.907 trillion VND.
Main components include:
For financing, GTD plans to use about 1.981 trillion VND of own capital, representing 20% of total investment. The remaining amount, about 7.925 trillion VND, will be financed through loans.
Under applicable regulations, the developer must maintain minimum owner’s equity of at least 20% of the project’s total investment. In addition to real estate development, GTD also needs funding for the production site relocation and to support workers who may lose their jobs.
Based on GTD’s audited 2025 financial statements, the company’s equity was -12.4 billion VND. To address capital needs, GTD proposed increasing charter capital via a private share issuance.
The proposal includes issuing 216.5 million shares to professional securities investors at an offering price of 10,000 VND per share, targeting total proceeds of about 2,165 billion VND.
According to the plan, approximately 2,000 billion VND would be used to implement the Nguyen Trai real estate project, while the remainder would fund the plant relocation and support production and business activities.
As of the close on 20/04, GTD’s share price fell 15% to 141,000 VND per share. The offering price of 10,000 VND per share was reported to be about 7% of GTD’s current market price.
Separately, the Hanoi Stock Exchange stated that GTD does not meet the conditions to be a public company. As of 02/04/2026, GTD had 9.3 million outstanding shares and 97 shareholders.
Two major shareholders held 8,617,800 shares, accounting for 92.66% of voting shares, including:
The remaining non-major shareholders numbered 95, holding 682,200 shares (7.34%).
Based on GTD’s 2025 audited financial statements ending 31/12/2025, equity was negative 12.4 billion VND. Therefore, under securities regulations, GTD does not meet the “owner’s equity of at least 30 billion VND” requirement and the condition that at least 10% of voting shares be held by at least 100 non-major investors.
GTD also provided further explanations after its share price increased by more than fivefold.
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