From 317.8 million shares down to 125.2 million. That is how far the stake held by the founding family of AgriS (Thanh Thanh Cong - Bien Hoa JSC, HoSE: SBT) would fall if the sales just registered are carried out in full. In late September, the family and related parties held about 317.8 million shares, or 34.01% of equity.Báo Pháp luật Once the sales scheduled between October 14 and November 12 complete, that drops to about 125.2 million shares, or 13.40%.MarketTimes Almost all of the remainder is held by one person: Board Chairwoman Dang Huynh Uc My.
This post lines up the trades since March into a single sequence, to show where the founders' shares have gone.
The new registration: about 87.4 million shares from October 14
According to an October 8 disclosure, Ms. Huynh Bich Ngoc, an AgriS board member and the mother of Chairwoman Dang Huynh Uc My, registered to sell more than 10.1 million SBT shares. If completed, she would keep about 4.3 million shares, or 0.46% of equity.MarketTimes
At the same time, Thanh Thanh Cong Investment JSC, where Ms. Ngoc is Standing Vice Chairwoman and General Director, registered to sell its entire holding of more than 77.3 million shares, equal to 8.27% of voting shares.Vietstock If the trade goes through, the company will no longer hold SBT shares directly.
Together the two orders total 87.4 million shares, to be traded by negotiation, with the stated purpose of restructuring the investment portfolio.FireAnt At the October 9 close of VND 22,850 per share, the registered sales are worth roughly VND 2,000 billion. The actual value depends on the negotiated price and the volume sold.
This is not the first sale.
March: a family company starts to cut its stake
On March 23, Thanh Thanh Cong Investment registered to sell nearly 44 million SBT shares between March 26 and April 24.Mekong ASEAN At that point it held more than 183.2 million shares, or 20.9% of AgriS, making it the largest holder in the family group.
The sale did not fill the registered volume. By the time of the next transaction in May, its stake stood at 18.26%.Người Quan Sát The disclosures do not say who bought those shares.
May to June: shares move within the family
This is the clearest example of how the stake shifts. On May 15, Ms. My registered to buy 42,755,629 SBT shares, and the filing states that she expected to receive them by transfer from Ms. Ngoc and Thanh Thanh Cong Investment.VietnamFinance
The reported results matched the registration. Between May 20 and June 10, Ms. My completed the purchase of nearly 42.8 million shares, lifting her stake from 7.16% to 11.87%, or 107.6 million shares. Over the same period, Thanh Thanh Cong Investment sold almost 27.8 million shares, falling from 18.26% to 15.2%, and Ms. Ngoc sold 15 million, leaving 7.49%, or nearly 68 million shares.Người Quan Sát
The arithmetic is neat: 27.8 million plus 15 million equals exactly what Ms. My bought. The family's combined stake barely changed. Only the name on the register did.
September to early October: shares leave the group
The September round looked different. Thanh Thanh Cong Investment registered to sell its entire 137,738,968 shares, and Ms. Ngoc registered to sell 65,763,808.Báo Pháp luật On the buying side, Ms. My registered for only 11 million.
She completed that 11 million between September 8 and 21, lifting her holding to nearly 120.8 million shares, or 12.92%, including shares converted from SBT425026 convertible bonds.Báo Pháp luật In the report disclosed on September 25, Thanh Thanh Cong Investment still held over 137 million shares (14.74%), Ms. Ngoc over 59 million (6.33%), and the group as a whole 34.01%.Mekong ASEAN
By the October 8 disclosure, the picture had changed. Thanh Thanh Cong Investment held 77.3 million shares, Ms. Ngoc nearly 14.45 million (1.55%), and the family's total had fallen to almost 212.7 million shares, or 22.75%.MarketTimes
Between the September 25 and October 8 disclosures, the family's holding fell by about 105 million shares while Ms. My's stayed at 120.8 million. Unlike the May to June round, these shares did not go to another family member. By the disclosed figures, they passed to shareholders outside the group.
Who bought: the disclosures do not say
Over the same period, one new name joined AgriS's list of major shareholders. Brilliant Solutions Inc bought 11,666,816 SBT shares on September 25, lifting its stake from 4.93% to 6.18% and crossing the major-shareholder threshold.Tin nhanh chứng khoán Still, no disclosure says whether it received shares from Ms. Ngoc or from Thanh Thanh Cong Investment. The 11.67 million shares are also only about one-ninth of what the family reduced.
In a negotiated trade, a buyer surfaces only by crossing the 5% major-shareholder threshold or by being an insider who must report. If the block is split among several buyers, each below 5%, the major-shareholder list will not show them.
If the October 14 to November 12 sales complete: two changes to note
The first is that the founders' stake concentrates in one person. Of the 125.2 million shares the group would still hold, about 120.8 million are in Ms. My's name, more than 96%. Thanh Thanh Cong Investment, which held 20.9% in March, would no longer hold SBT shares directly.
The second is that the group's combined stake would fall by about 9.35 percentage points from today, from 22.75% to 13.40%.
On voting power, Article 148 of the 2020 Law on Enterprises provides that most shareholder resolutions pass when holders of more than 50% of the votes of attending shareholders approve. Major matters, such as reorganizing the company or selling assets worth 35% or more of total assets, require at least 65%.Hệ thống pháp luật At 22.75% today, the family group already cannot pass a proposal alone. What changes at 13.40% is the group's weight in each vote, so the outcome of each proposal will depend more on how institutional and small shareholders vote.
The November 2 AGM: who votes the shares that are changing hands
AgriS plans to hold its 2025-2026 annual general meeting on November 2 in Ho Chi Minh City, in a hybrid in-person and online format. Items on the agenda include the 2026-2027 plan with VND 28,000 billion in revenue and VND 956 billion in pre-tax profit, a 6% stock dividend for 2025-2026, and the election of two additional independent board members.MarketTimes The additional seats would lift the board from 6 to 8 members.CafeF
One timing detail matters to SBT holders. The record date for meeting attendance was September 28, with an ex-rights date of September 25.FireAnt The 87.4 million shares registered for sale from October 14 remain in the names of Ms. Ngoc and Thanh Thanh Cong Investment on that list, since the two held them before the record date and have not yet sold. In other words, if the meeting goes ahead as scheduled, buyers of that block will not vote on November 2. Those votes still belong to the sellers.
Two dates that will answer what remains open
The first is November 2. The meeting minutes and resolutions will show the approval rate for each proposal, including the election of two independent directors and the 6% stock dividend.
The second is the trade-result report after November 12. It will show how much of the 87.4 million shares Ms. Ngoc and Thanh Thanh Cong Investment actually sold. Only then will any major-shareholder change reports, if filed, show who received the shares.
What the numbers already establish: the AgriS founding group is contracting toward one person. What they do not: where the shares leaving the group are going, and only the report after November 12 can answer that.