On the afternoon of June 29, 2022, the annual general meeting of Quoc Cuong Gia Lai Joint Stock Company (QCG, HoSE) approved paying the 2021 dividend in shares: a 10% ratio, up to 27.5 million new shares.Đại biểu Nhân dân More than four years later, those shares have still not reached shareholders' accounts. On November 3, 2026, the board of directors passed a new resolution to implement the plan again, according to Người Quan Sát.Người Quan Sát
The resolution arrives with a two-sided set of results. For the first nine months of 2026, net revenue was nearly VND 107.6 billion, down 69.6% year on year, yet profit after tax reached over VND 174.7 billion, 5.1 times the prior-year period.An ninh tiền tệ This post walks through each milestone of the dividend as the documents and press recorded it, then works out what happens to a QCG holder's account when the issuance actually takes place.
June 2022: 1 new share for every 10 held
The 2022 plan was clear. Par value of VND 10,000 per share, up to 27.5 million shares, par value of about VND 275 billion, and a 10:1 ratio.Đại biểu Nhân dân Put simply, hold 10 shares and you receive 1 new one.
2023: a proposal to push it to Q3 2025
A year later the shares had still not been issued. At the 2023 meeting, management put to shareholders a plan to move the 10% stock dividend for 2021 to the third quarter of 2025.Doanh nhân Pháp luật
When shareholders asked why the delay was so long, Ms. Nguyễn Thị Như Loan, then General Director, answered that a cash dividend was hard for a company in difficulty, while a stock dividend meant raising capital, which she considered unwise at the time. Her words: "we have to make a sacrifice for the company."Doanh nhân Pháp luật
December 2025: a resolution targeting Q1 2026
The Q3 2025 date passed without an issuance. In early December 2025, QCG's board passed a resolution to proceed with issuing over 27.5 million shares, with par value of over VND 275.1 billion. The source was undistributed after-tax profit as of December 31, 2024, per the audited 2024 consolidated financial statements. Timing was expected in Q1 2026, as soon as the State Securities Commission confirmed receipt of the full issuance report.Doanh nhân Pháp luật Q1 2026 also went by with no record date announced.
November 2026: a new resolution, a new source, no quarter
On November 3, 2026, QCG's board passed a resolution to implement the plan to issue shares for the 2021 dividend. The content was reported by the press on November 5, 2026:Doanh nhân Pháp luậtAn ninh tiền tệ
- Over 27.5 million shares issued to existing shareholders at a 10:1 ratio.
- Par value of over VND 275 billion, funded from cumulative undistributed after-tax profit through December 31, 2025, per the audited 2025 consolidated financial statements.
- Timing expected after QCG receives the State Securities Commission's letter confirming receipt of the full issuance report.
Compared with the December 2025 resolution, two things differ. The profit cut-off moved from end-2024 to end-2025, meaning it rests on the latest audited statements. And the text no longer promises a specific quarter; the only milestone is the State Securities Commission's letter.
According to Người Quan Sát, the board delegated to Ms. Loan, QCG's legal representative and General Director, the decision on issuance timing and the record date.Người Quan Sát On the reason for the delay, management said the main cause was cash-flow pressure: the company had to retain undistributed profit to invest, complete unfinished projects and repay maturing debts, while working-capital borrowing was difficult.Người Quan Sát
What changes in a holder's account
A stock dividend costs the company no cash. Over VND 275 billion simply moves from undistributed profit to charter capital, so total equity is unchanged. Shares outstanding will rise to over 302.6 million from 275.1 million today.Tin nhanh Chứng khoán Charter capital rises from over VND 2,751 billion to over VND 3,026 billion.Doanh nhân Pháp luật
For shareholders, it helps to think in three dates.
Ex-rights date. From this session, the reference price is divided by 1.1. QCG closed at VND 10,450 on November 5. If the prior session's price were also VND 10,450, the new reference price would be VND 9,500. Anyone buying from this session on does not receive the new shares.
Record date. Holders on the list receive the rights. Hold 1,000 shares and you receive 100 new ones. That account is worth about VND 10.45 million before the adjustment and still about VND 10.45 million after, since 1,100 shares times VND 9,500 gives a comparable figure. Someone holding 1,005 shares also receives only 100 new shares; the fraction is cancelled.
Delivery date. New shares can only be sold after they are registered and listed. Between the price adjustment and delivery, the account shows the old share count at the divided price, so it looks about 9.1% lower.
Each shareholder's ownership percentage is unchanged because everyone receives the same ratio. What changes is that the same profit is spread over 10% more shares, so earnings per share fall by about 9.1% if profit stays flat.
Financial backdrop to the resolution
Other income for the nine months was VND 242.6 billion, mainly from selling hydropower plants. Pre-tax profit for the nine months was VND 220.2 billion, equal to 64.2% of the full-year plan of VND 343 billion.Tin nhanh Chứng khoán In Q3 alone the company posted an after-tax loss of nearly VND 7 billion; QCG's explanation was fewer apartment handovers and the transfer of its hydropower plants.An ninh tiền tệ
The largest item on the balance sheet is the Bắc Phước Kiển project. At September 30, 2026, long-term construction in progress was VND 5,405.4 billion, or 65.97% of total assets, all of it in this project.Doanh nhân Pháp luật Under the December 3, 2024 appeal verdict, QCG must return VND 2,882.8 billion received under its contract with Sunny Island, to secure the judgment obligations of Ms. Trương Mỹ Lan, a defendant in the Vạn Thịnh Phát case. By September 30, 2026 it had repaid a cumulative VND 1,411.4 billion.An ninh tiền tệ On October 7 it paid another VND 50 billion, bringing the total repaid to VND 1,461.4 billion, with about VND 1,421.4 billion remaining.Người Quan Sát
On the pressure-easing side, financial borrowings at September 30, 2026 were VND 910.07 billion, down 12% from the start of the year and equal to 18.5% of equity.Doanh nhân Pháp luật
A stock dividend takes no cash out of the company, while the Phước Kiển repayment still stands at about VND 1,400 billion. In 2023, Ms. Loan said raising capital through shares was unwise at the time. The November 2026 resolution shows management now choosing to carry out the dividend even though charter capital will grow by 10%.
Steps left before shares arrive
The sequence is spelled out in the resolution. QCG files the issuance report, the State Securities Commission issues a letter confirming it received the full file, and Ms. Loan then decides the issuance timing and record date. The company then announces the last registration date, which sets the ex-rights date and the day the reference price is divided by 1.1.
The two earlier targets were each tied to a specific quarter, and both passed. This time the resolution drops the quarter and anchors only to the State Securities Commission's letter, so the signal to watch is QCG's announcement of the last registration date. When it appears, the dividend approved in June 2022 will finally have a concrete date to run toward.