If you hold HUT shares, there is one date to remember. Every share on the record-date list of October 16, 2026 generates one right to buy Tasco's convertible bonds, and that right can only be used through November 10, 2026. After that, any right not exercised lapses, and the remaining bonds are offered by the board of directors to other buyers.VSDC
The offering is large: almost 35.61 million bonds with a total face value of more than VND 3,560 billion, after the State Securities Commission issued the offering certificate on October 2.Vietstock On the morning of October 8, the Vietnam Securities Depository and Clearing Corporation (VSDC) published its corporate action notice with a detailed schedule. This post does three things: it walks through each date, shows how your account changes under each choice, and then sets the VND 3,560 billion against Tasco's first-half financials.
A note on dates. Some outlets reported on October 7, based on the board resolution, a record date of October 15 and a payment window of October 20 to November 9.CafeF The official VSDC notice of October 8 sets all three dates one day later. This post uses the VSDC schedule.
What the bond is
Each bond has a face value of VND 100,000, a five-year term, no collateral, and pays interest every six months. The rate is fixed at 10% a year for the first two coupons, which is the first year. From the third coupon it floats at Vietcombank's 12-month personal savings rate plus 3.5 percentage points, so from year two the interest follows deposit rates at the time.Vietstock
The "convertible" part is what sets it apart. Each bond converts into 10 HUT shares, a conversion price of VND 10,000 per share. Holders can convert once a year, starting one year after issuance, in five tranches.Doanh nhân At the five-year maturity, any bonds still outstanding must convert into shares under the published terms. Buyers therefore do not get their principal back in cash. In the end, they hold HUT stock.
The calendar for a HUT shareholder
The record date is October 16, 2026, a Friday. With today's two-day settlement cycle, the ex-rights date is normally the session just before the record date, which would be Thursday, October 15.VnExpress Anyone who buys HUT from that session on will not be on the list for rights. The exchange announces the official ex-rights date, so if you are thinking of buying before the record date, check HNX's notice.
From October 21 the rights code MIRHUT261 takes effect. Each share earns one right, and 30 rights buy one bond, with the number of bonds rounded down. In VSDC's own example, a holder of 152 shares receives 152 rights and can buy 5 bonds (152 divided by 30 is 5.067, rounded down). A holder of 3,000 shares receives 3,000 rights and can buy 100 bonds, paying VND 10 million if they buy in full.VSDC
Rights can be transferred from October 21 to November 4, only once, and the recipient cannot pass them on to a third party. The paperwork goes through the brokerage where you hold your custody account. Subscription and payment run from October 21 to November 10, and the rights code is cancelled from November 13, 2026.VSDC
Three choices, three account outcomes
This section only describes the mechanics of each choice and does not rank them. The example is a holder of 3,000 HUT shares.
Subscribe. The holder pays VND 10 million and receives 100 bonds. In year one, at 10% a year, each six-month period brings roughly VND 500,000 in interest before tax. If the bonds are eventually fully converted, 100 bonds become 1,000 shares, bringing the total to 4,000. Because every shareholder can buy at the same 30:1 ratio, someone who buys their full allotment and converts everything keeps the same ownership percentage as before the offering.
Transfer the rights. The holder sells 3,000 rights to someone else between October 21 and November 4, at a price the two sides agree. The account receives the sale proceeds, the share count stays at 3,000, and the buyer of the rights is the one who pays for the bonds.
Let the rights lapse. The holder does nothing. After November 10 the rights are worthless, and the account receives no cash or bonds. The corresponding bonds are offered by the board to other buyers, on terms no more favorable than those given to shareholders.VSDC
What the last two choices share is a smaller ownership stake if the bonds convert. HUT has about 1.068 billion shares outstanding (35,609,519 bonds times 30). If every bond is sold and fully converted, Tasco would issue more than 356 million new shares, about a third of the current count, and charter capital would rise from VND 10,680 billion to roughly VND 14,240 billion. A holder who keeps 3,000 shares would then own about three quarters of their former stake.Vietstock
It is worth noting that this shrinkage does not depend on who buys the bonds. Whether other shareholders buy, a recipient of transferred rights buys, or an investor placed by the board takes the rest, the result for a non-participant is the same. What matters is how many bonds are sold and how many convert. Conversion is also gradual: the first tranche comes only a year after issuance, and the last at maturity in five years.
Where the money goes
Under the plan the board approved in May, more than VND 1,860 billion, about 52% of the expected proceeds, goes into real estate: VND 1,360 billion in capital for Tasco Land and over VND 500 billion for the Viet Tri Legacy Lakeside villa project in Phu Tho. The rest is VND 1,200 billion into Tasco Investment and VND 500 billion for the HCMC - Trung Luong - My Thuan expressway widening. All of the money is planned for use in the third and fourth quarters of 2026.Vietstock
On these projects, public sources say the following. At the April 20, 2026 shareholder meeting, Vu Dinh Do, Chairman of the board of Tasco JSC (HUT), said the company's real estate projects had been stuck on legal issues for a long time. Viet Tri Legacy Lakeside is the first to break ground, and sales cannot begin before the end of 2026. The Chi Dong - Me Linh project has a 1/500 detailed plan but still needs investment-policy adjustments and compensation procedures.Nhà đầu tư On the expressway, Tasco is one member of a public-private partnership consortium widening the HCMC - Trung Luong - My Thuan route, alongside Deo Ca and CII.Tiền Phong
Why Tasco needs the capital
Tasco's first-half results were strong. In its reviewed 2026 half-year consolidated statements, net revenue reached VND 22,190.7 billion, up 44.6% year on year, and net profit was nearly VND 310.5 billion, up 171.9%.Doanh nhân
Cash flow told a different story. Also in the first half, operating cash flow was negative by more than VND 413 billion, and interest expense more than doubled to VND 931 billion. At the end of June, total liabilities were VND 36,600 billion; borrowings and finance leases alone were over VND 23,700 billion, against cash and equivalents of VND 3,210 billion.Vietstock In other words, the company is profitable on paper, but its operations do not yet generate enough cash to fund new investments.
The bond issue has a cost too. If fully sold and left outstanding for the first year, Tasco would pay about VND 356 billion in interest. That debt only shrinks as holders convert into shares, at which point the interest burden eases while the number of shares sharing profit grows.Vietstock
Credit rating agency VIS Rating, in its June 4, 2026 review, kept Tasco at BBB+ with a stable outlook. It expects Tasco to keep borrowing over the next 12 to 18 months to fund new investment, and noted the rating could come under pressure if borrowing rises too fast or cash flow falls significantly.Vietstock
What to watch next
Whether the new capital eases Tasco's debt pressure cannot yet be answered with numbers. The answer comes in two steps. First, the offering result report after November 10 will show how much of the 35.61 million bonds existing shareholders took, and how much passes to the board for further placement. Second, the coming quarterly financials will show where the VND 3,560 billion went and whether it has started to generate cash.
For a HUT holder, the most concrete task is to check the rights in your account from October 21 and note two deadlines: November 4 for transferring rights, and November 10 for subscribing and paying.