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Vinaconex (VCG), together with related parties, is advancing a plan to increase its total ownership in CTCP Giày Thượng Đình (GTD) to more than 48% and participate in a private placement of over VND 2,000 billion, according to an update to GTD’s 2026 annual general meeting.
Under the proposed transfer, VCG will receive 2.23 million GTD shares, equivalent to 24.03% of GTD’s charter capital, from the group led by Mai Huyền Trang. Ms. Trang directly holds 22.13% of GTD.
VCG does not currently own GTD directly. However, related party An Quý Hưng Holding already holds 24% of GTD. If the transfer is completed, the combined stake of VCG and An Quý Hưng Holding would reach 48.03%.
The transaction is proposed under a non-public offer exemption, as it is expected to meet the conditions for exemption from a mandatory takeover when acquiring a stake above the relevant threshold.
GTD’s shareholder structure has shifted sharply since early April. After the government’s stake was acquired at the end of 2025 and GTD previously held control, Ms. Trang reduced her holding from more than 54% to just over 22% within days.
At the same time, several new shareholders appeared and quickly accumulated large stakes.
Alongside the transfer, GTD also proposed a large capital increase via a private placement of 216.5 million shares at VND 10,000 per share, expected to raise more than VND 2.16 trillion.
At the offer price of VND 10,000 per share, VCG plans to purchase 53.1 million shares (about VND 531 billion). An Quý Hưng Holding is expected to buy about 51.9 million shares (about VND 520 billion). The private placement also includes purchases by Long Hải Investment & Development Co., Yen Thủy Mineral Mining Investment Co., and a group associated with Mr. Nguyễn Xuân Hoàng, with notable share quantities.
If both the transfer and the private placement are completed, the VCG group would own about 109.5 million GTD shares, representing nearly 48.5% of GTD’s charter capital after the capital increase.
More than 90% of the raised funds would be used for the project “Commercial housing integrated with office, commerce services and a multi-level school” on the 277 Nguyen Trãi land plot in Hanoi, which has total investment of VND 9.9 trillion.
The remaining funds would be used to relocate the factory and to provide working capital.
Vinaconex and An Quý Hưng Holding are expected to maintain ownership above 48% of GTD after the private placement.
GTD’s 2025 audited financials show a 70-year-old shoe company with negative equity of over VND 12 billion and cumulative losses of VND 105 billion, which means it does not meet the conditions for issuing shares to existing shareholders. As a result, the private placement to strategic investors was selected to supplement resources and support the project.
From a loss-making shoe producer, GTD is shifting to leverage a land parcel of over 3.6 hectares at 277 Nguyen Trãi, described as the company’s largest asset.
GTD plans to dismiss two board members and one supervisory board member, and to appoint new personnel for the 2026–2031 term. Since the beginning of the year, GTD has appointed Mr. Nguyen Thanh Nhơn, a person connected to the VCG ecosystem, as CEO, and has restructured its leadership.
In addition to the GTD plans, VCG has recently filed to reduce its stake in VIW. The company had only recently acquired over 97% from SCIC and now intends to reduce its holding to just over 25%.
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