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Vinaconex (VCG) is considering a plan to acquire a stake in Giầy Thượng Đình Joint Stock Company (GTD). VCG has signaled it will buy 2.23 million GTD shares, equivalent to 24.03% of GTD’s charter capital, but did not disclose the identity of the selling party.
As of April 2, 2026, GTD had 9.3 million outstanding shares held by 97 shareholders. Two major shareholders accounted for more than 8.6 million shares, representing 92.66% of voting shares: Mai Huyền Trang held nearly 6.4 million shares (68.66%), while CTCP Đầu tư và Phát triển Thương mại Long Hải held over 2.2 million shares (24%). The remaining 95 non-major shareholders held a total of 682,200 GTD shares, or 7.34% of voting shares.
With only 97 shareholders at that time, Giầy Thượng Đình did not meet the requirement for a public company, which requires at least 10% of voting shares to be held by at least 100 non-major investors.
After that, the shareholder structure shifted as Mai Huyền Trang reduced her stake. Reports indicate she sold 1.35 million GTD shares on April 3, bringing her ownership to just over 5 million shares (54.15%). She then sold nearly 2.98 million GTD shares over April 7 and 8, reducing her stake to 2.06 million shares, or 22.13% of charter capital.
On April 7, 2026, CTCP Đầu tư Khoáng sản Yên Thủy acquired more than 1.4 million GTD shares, raising its stake to 5.47%.
Another new major shareholder is CTCP An Quý Hưng Holding. It purchased a total of 1.8 million GTD shares across April 3 and April 7, 2026, increasing its stake from 459,200 shares (4.94%) to 2.23 million shares (24%).
CTCP An Quý Hưng Holding was established in October 2025, with consulting, brokerage, auctioning real estate, and land-use rights listed as its main lines of business. The company’s charter capital is 500 billion VND, owned by Nguyễn Xuân Đông (79.2%), Đỗ Thị Thanh (19.2%), and CEO Nguyễn Xuân Tùng (born 1994) (1.6%). Nguyễn Xuân Đông is reported to be Vinaconex’s CEO.
Reports also indicate that in November 2025, An Quý Hưng Holding became the owner of 99.99% of An Quý Hưng Co. Ltd. In November 2021, An Quý Hưng Co. Ltd helped form Pacific Holdings with Đào Ngọc Thanh, Dương Văn Mậu, Nguyễn Xuân Đông, and Nguyễn Hữu Tới. Pacific Holdings is now Vinaconex’s largest shareholder.
In a separate development, Vinaconex previously proposed continuing to reduce its stake in Viwaseen (Tổng Công ty Đầu tư nước và Môi trường Việt Nam - VIW). Specifically, Vinaconex planned to offer 31.9 million VIW shares, representing 55% of Viwaseen’s charter, which would reduce its ownership to 14.5 million VIW shares (25%), meaning it would no longer control Viwaseen.
Earlier, Vinaconex approved purchasing 18 million VIW shares, equivalent to 18% of Viwaseen’s charter, at Aegis Health in April 2026.
Transfers by Vinaconex leadership and related parties included: board member and CEO Nguyễn Xuân Đông transferring 10 million shares; Đỗ Thị Thanh transferring 4.8 million shares; and Nguyễn Xuân Tùng transferring 3.2 million shares.
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