For the second sale of its controlling Seaprodex stake, SCIC changed nothing in the part that matters most: the full lot of 79,228,000 SEA shares, equal to 63.38% of capital, at a starting price of VND 8,509.1 billion for the whole lot, or an average of VND 107,400 per share. Registration reopens on Monday, October 12.
This piece follows the calendar of the new sale. It contains two decision points: 3:30 pm on October 26 shows whether anyone accepts the old price, and 9:00 am on November 2 shows the winning price if the session goes ahead. Each point opens a different path for SCIC, for Seaprodex and for existing shareholders.
The New Calendar and What Stays the Same
According to an HNX notice reported by CafeF on October 11, investors can register and pay the deposit from October 12 until 3:30 pm on October 26, 2026. Bid forms are due by 4:00 pm on October 29. The auction is scheduled for 9:00 am on Monday, November 2, at HNX headquarters, 2 Phan Chu Trinh, Hanoi, with a bid step of VND 1 million per lot.
The sale format is unchanged from the first attempt: a single lot containing all of SCIC's stake, so a buyer takes everything or nothing. Eligible bidders remain domestic economic organizations, social organizations and individuals, which means foreign investors are still excluded. Articles on October 11 did not report the deposit amount for the new round, so interested parties should read the auction rules published by HNX directly.
The first time, the session planned for September 29 did not take place because by 3:30 pm on September 22 no investor had registered. Under Article 13 of the rules issued with Decision 1133/QĐ-SGDHN of September 8, 2026, the session then did not meet the conditions to be held. This time SCIC chose to relaunch at exactly the same price rather than adjust it.
SEA's Market Price While the Starting Price Stood Still
The starting price did not move, but the market price fell. SEA closed at VND 70,000 on September 21, then dropped 14.88% to VND 59,500 on September 22, the day the registration book closed with no names in it. Two sessions later it was at VND 52,100. The stock rebounded to VND 59,000 on October 7 and closed at VND 57,000 on October 9. The two events fell on the same day, but the sources do not support attributing the drop to the empty book alone, since other factors can act on a thinly traded stock at the same time.
Against the starting price of VND 107,400, the gap has widened: about 53.4% above the VND 70,000 market price on September 21, and about 88.4% above VND 57,000 on October 9. Valuing the full lot at the October 9 market price, 79,228,000 shares come to roughly VND 4,516 billion, nearly VND 4,000 billion below the starting price.
That figure needs to be read within its limits. SEA's market price is formed by sessions in which only a few thousand shares change hands, such as 5,100 shares on October 9. It is the price of very small lots on UPCoM, not the price of control over a state corporation. The buyer of the 63.38% lot pays for the right to run the company and for the land plots it manages, so the two prices do not measure the same thing.
First Decision Point, 3:30 pm on October 26: Does Anyone Pay a Deposit?
This branch needs at least one domestic investor willing to accept the VND 8,509.1 billion price and the accompanying deposit. The minimum number of investors needed for the session to qualify is set by Article 13 of the rules, and the articles do not report it. If the session qualifies, it goes ahead on November 2 and the highest bidder, at VND 8,509.1 billion or more, takes the whole lot.
The winner will not be alone. As of June 30, 2026, besides SCIC, Seaprodex has Ngan Hiep Real Estate holding 24.03% and Redwood Investment holding 8.44%, with minority shareholders holding about 4.14%. According to kinhdoanhnet, both of these large shareholders are linked to Novaland. Together that group holds 32.47% of capital.
A 63.38% stake is enough for the winner to decide ordinary matters at a shareholders' meeting, because Article 148 of the 2020 Enterprise Law requires only more than 50% of the votes of attending shareholders. For larger matters, such as investment projects or asset sales worth 35% or more of total assets, changes to organizational structure or company restructuring, the law requires at least 65% of attending votes unless the charter says otherwise. If every major shareholder attends, 63.38% falls short of that level. A large project on the Dong Khoi plot, where Seaprodex records VND 693 billion in construction in progress, could fall into this category. The exact threshold depends on Seaprodex's charter, which this article does not have.
For minority shareholders, the winner does not have to make a public tender offer for the remaining shares. Article 35 of the 2019 Securities Law imposes a tender offer obligation on anyone buying 25% or more of a public company, but clause 2 exempts buyers of shares in offerings that transfer state capital. So a change of owner for the 63.38% lot at VND 107,400 per share does not automatically trigger a buyout at that price. Minority shareholders keep the rights they already have: attending meetings, voting in proportion to their holdings and receiving dividends if the company pays them.
For SCIC, this branch completes the divestment at a minimum of VND 8,509.1 billion. Seaprodex gets a new controlling shareholder, a domestic company or individual, while the Novaland-linked group remains the second-largest shareholder.
Second Decision Point: The Book Is Empty Again
If no name appears by 3:30 pm on October 26, the November 2 session will not take place, as in the first round. SCIC still holds 63.38%, Seaprodex stays under state control and the shareholder structure is unchanged.
The question then is how SCIC sells next. Decree 57/2026/NĐ-CP, effective from February 13, 2026, devotes a separate chapter to transferring state capital. The long-standing sequence in the rules for transferring state capital in joint-stock companies is public auction first, then competitive offering if that fails, and negotiated sale last. Each step needs new sale rules and approval from the state owner's representative body. So far, neither SCIC nor HNX has said which step comes next if the second round fails.
Another option is to hold another auction and wait for better timing. SCIC has precedents on both sides. According to kinhdoanhnet, the Domesco (DMC) divestment went to auction three times without success, while a lot of more than 38.5 million Viettronics shares, after several failed attempts, sold at a high price in a later session.
In this branch, the winners and losers differ from the first. SCIC's divestment is pushed back and no proceeds arrive. Minority shareholders keep holding shares in a company whose controlling shareholder is the state, and the next sale method, if it is a negotiated deal, would be less public than an auction at HNX.
The Business Underneath Every Price
Whichever way the stake goes, Seaprodex's operations remain the base for any price. In the first half of 2026, net revenue reached VND 435 billion, up 29% year on year, while parent-company net profit fell 13% to VND 93 billion, mainly because financial and administrative costs rose. Total assets at the end of June were VND 2,905 billion, with borrowings and finance leases of VND 133 billion. The 2-4-6 Dong Khoi plot still has no land-use certificate to proceed with a project, and the buyer of the controlling lot, if there is one, inherits that situation as it stands.
Two Dates to Watch
This article does not argue that either branch is more likely. The calendar already provides two days of answers. After 3:30 pm on October 26, an HNX notice will show whether any investor has paid a deposit. If so, 9:00 am on November 2 will show the winning price and the name of the new controlling shareholder. If not, SCIC's next announcement will show how and at what price this stake is offered again.