Shareholders of Thuận Đức Joint Stock Company (HoSE: TDP) received their 2025 dividend in shares in mid-September. Nearly two months later, those same shares are subject to recall. On November 3, 2026, the State Securities Commission's inspectorate issued Decision No. 667/QĐ-XPHC, fining Thuận Đức VND 112.5 million and ordering it to recall almost 9.37 million shares issued to pay the dividend.An ninh Tiền tệ
The decision does not penalize the size of the dividend or where the money came from. The breach is about timing: the company issued after the deadline the rules allow. On the business side, Thuận Đức's nine-month net profit was still VND 89.3 billion, up about 17.3% year on year.Doanh nghiệp và Hội nhập This post walks through each date so that TDP holders know where they stand.
July 14: the 45-day clock starts
Thuận Đức makes recycled plastic pellets and PP packaging. It was founded in 2007 and is based in Hưng Yên.Tin nhanh Chứng khoán To pay a stock dividend, a public company must file a report with the State Securities Commission (SSC). Once the file is complete, the SSC sends an official letter confirming it has received all documents.
For Thuận Đức, that letter is Official Letter No. 6500/UBCK-QLCB dated July 14, 2026.Thời báo Tài chính From that date the company has 45 days to complete the issuance, under Clause 4, Article 69 of Decree 155/2020/ND-CP, which implements the Securities Law.Doanh nghiệp và Hội nhập
Counted on the calendar, 45 days from July 14 ends around August 28. That count is Investify's own, to show the size of the gap. The penalty decision only says the issuance "exceeded the 45-day limit" and gives no number of days late.
September 18: dividend shares reach accounts
The dividend ratio is 100:10, meaning a holder of 100 shares receives 10 new ones. On September 18, 2026, Thuận Đức closed its shareholder list, corresponding to 9,369,957 newly issued shares.Tin nhanh Chứng khoán The same day, September 18, is when the company completed the issuance to 487 shareholders, and charter capital rose from VND 937 billion to nearly VND 1,031 billion.An ninh Tiền tệ
September 18 came almost three weeks after the roughly August 28 mark. For a TDP holder, that was the day the account changed: someone holding 1,000 shares on the record date ended up with 1,100.
November 3: a light fine, a heavy remedy
Decision 667/QĐ-XPHC has two parts, and they differ enormously in scale. The first is a VND 112.5 million fine for "issuing additional shares outside the prescribed deadline."Tin nhanh Chứng khoán Thuận Đức's third-quarter revenue was about VND 1,379.2 billion,Doanh nghiệp và Hội nhập so the fine is very small next to its operations.
The second part is a remedial measure: an order to recall the shares issued.Thời báo Tài chính At the November 3 closing price of VND 28,550, the lot of 9,369,957 shares has a market value of about VND 267.5 billion. That is not anyone's loss, but it shows the lot under recall is more than two thousand times larger than the fine.
If the entire lot is recalled, Thuận Đức's charter capital returns to about VND 937 billion, where it stood before the dividend.An ninh Tiền tệ
The same day, the inspectorate also issued Decision No. 668/QĐ-XPHC, fining Viet Lao Economic Cooperation Investment Joint Stock Company VND 85 million for late disclosure.Thời báo Tài chính That case carries a fine only. Thuận Đức's comes with a measure that reaches shares already sitting in shareholder accounts.
Next deadlines: 60 days and 15 days
The decision adds a refund obligation. Thuận Đức must refund investors the share purchase money or deposits (if any), plus interest at the demand-deposit rate of the bank where the company holds its collection account.Thời báo Tài chính Two deadlines apply:
- 60 days: investors must submit a request within 60 days of the date the decision applying this measure takes effect, per Point b, Clause 6, Article 12 of Decree 156/2020/ND-CP.Thời báo Tài chính
- 15 days: from receiving a request, the company has up to 15 days to pay.
This issuance was a dividend: shareholders received shares in proportion to their holdings and paid nothing. That makes the phrase "if any" in the decision worth reading closely. Doanh nghiệp và Hội nhập words the obligation as "where share purchase money or deposits arise."Doanh nghiệp và Hội nhập
Thuận Đức's business backdrop
According to the Q3 2026 consolidated financial statements, Thuận Đức's third-quarter net profit was VND 10.6 billion, down almost 70% from VND 35 billion a year earlier. Interest expense in the quarter was VND 75.1 billion, up more than 76%.Doanh nghiệp và Hội nhập Management said exports rose in both sales and volume in Q3, but high production costs, freight and borrowing rates weighed on profitability. For the nine months combined, net profit still rose about 17.3% to VND 89.3 billion.
Operating results and the recall decision are two separate matters. The breach penalized concerns the issuance deadline, not profit or the source of the dividend.
Which document TDP holders should read next
The sequence is clear: the July 14 letter, the 45-day limit ending around late August, the September 18 record date, and the November 3 penalty decision. What has not happened yet is how the recall will be carried out. The recall plan Thuận Đức publishes will show how share counts change in each account, when it happens, and how the company applies a refund-with-interest obligation to a dividend for which shareholders paid nothing.
The wider lesson applies to other tickers. The 45-day limit is a common condition for every stock-dividend issuance by a public company. Dividend shares already in an account are not necessarily settled if the issuance was late: Thuận Đức's case shows a remedial measure can unwind an issuance completed two months earlier.