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CTCP Giấy Thương Đình (GTD, UPCoM: GTD) has submitted materials for its 2026 annual general meeting, scheduled for the morning of May 6, 2026. Among the proposals is a plan to approve Vinaconex (VN: Vinaconex JSC, code VCG) receiving a transfer of 2.23 million GTD shares, equivalent to 24.03% of GTD’s charter capital, without a public tender.
The transfer counterpart is a group of GTD shareholders represented by Mai Huyen Trang. A key element is An Quy Hung Holding JSC, which recently increased its holding from 459,200 shares (4.94%) to 2.23 million shares (24%).
An Quy Hung Holding was established in October 2025, with primary business activities including real estate advisory, brokerage, and auctions, as well as land-use rights. The company’s charter capital is 500 billion VND. Ownership is held by Nguyen Xuan Dong (CEO) at 79.2%, Do Thi Thanh at 19.2%, and CEO Nguyen Xuan Tung (born 1994) at 1.6%.
By November 2025, An Quy Hung Holding owned 99.99% of An Quy Hung Co., Ltd. Earlier, in November 2021, An Quy Hung Co., Ltd contributed 99.92% of its capital to form Pacific Holdings, which is now the largest Vinaconex shareholder. If the acquisition is completed, Vinaconex could own up to 48% of GTD.
In addition to the share transfer, Vinaconex is also registering to buy GTD’s private placement shares. GTD plans to propose a private placement of 216.5 million shares, about 23 times the current outstanding shares, with transfer restrictions for three years.
Five expected investors include: VCG (53.1 million shares), An Quy Hung Holding (about 51.9 million), Long Hai Investment (over 51.9 million), Yen Thuy Mining (about 33.5 million), and Mr Nguyen Xuan Hoang (25.9 million). The offering price is 10,000 VND per share, implying total proceeds of about 2,165 billion VND.
GTD intends to use about 2,000 billion VND to fund the Thượng Đình project at the 277 Nguyen Trai site in Hanoi, and the remaining 165 billion VND for relocating the factory and strengthening working capital.
Previously, GTD announced plans to relocate its manufacturing plant from 277 Nguyen Trai, Khuong Dinh Ward, Hanoi to the Dong Van Industrial Zone, Duy Ha Ward, Ninh Binh Province, with relocation expected from May 2026 to August 2026.
After relocation, GTD plans to develop a mixed-use project on the 36,105 m2 site at 277 Nguyen Trai, including residential, office, retail, and a K-12 school. Total investment is about 9,907 billion VND, excluding interest, land-use rights, or land rents. Funding will come from internal funds and other legal sources.
The project is planned to use roughly 20% equity (about 1,981.4 billion VND), with the remaining 7,925.6 billion VND financed via loans.
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