On November 5, 2026, the board of An Phat Bioplastics (HoSE: AAA) issued a resolution approving, in principle, a plan for An Phat High-Tech Industrial Park JSC, an AAA subsidiary, to buy shares in and take part in managing Aventador Corp. According to the resolution, Aventador is an entity incorporated under US law and engaged in real estate in the US market. The total planned investment is USD 20 million.AAA
The money was approved after a solid stretch for earnings. In the first nine months of 2026, AAA's consolidated profit after tax was about VND 525 billion, up 45.1% year on year.CafeF The portion attributable to AAA shareholders was nearly VND 503 billion, up 70.7%, even as consolidated net revenue fell 12.1% to just over VND 7,504 billion.Người Đưa Tin This article sets the investment against those numbers, then looks at who holds the terms of the deal.
How big is USD 20 million for AAA itself
Vietnamese outlets convert USD 20 million into dong differently: Người Đưa Tin and Doanh Nhân Trẻ report about VND 520 billion, while Người Quan Sát reports nearly VND 512 billion.Doanh Nhân TrẻNgười Quan Sát At a USD/VND rate of about 25,704 on November 4, the figure comes to roughly VND 514 billion, which is what the comparisons below use.
Three yardsticks sit naturally next to that number.
Against the company's market value. AAA closed at VND 7,000 per share on November 6, for a market capitalization of about VND 2,756 billion.Người Đưa Tin The investment equals nearly 19% of that, close to a fifth of what the market currently pays for the whole company.
Against shareholder profit. Nine-month profit attributable to AAA shareholders was nearly VND 503 billion, so the investment is roughly equal to all of it.
Against cash on hand. At the end of Q3 2026, AAA's consolidated cash and cash equivalents stood at VND 1,246.5 billion, alongside VND 1,155.5 billion in short-term investments. About VND 514 billion is around 41% of the cash and equivalents. At the same date, total borrowings were VND 3,485.8 billion and equity was VND 6,720.4 billion. The balance sheet for the quarter in which the deal closes will show where the payment came from.
The business behind the money
A commitment of nearly a fifth of market value sounds large, but it needs to be read alongside operating results. Consolidated net revenue for nine months fell 12.1%, while profit attributable to shareholders rose 70.7%. In Q3 alone, consolidated profit after tax was VND 159.9 billion, up 27.45% year on year. Revenue is down and profit is up, both in the latest quarter and cumulatively over nine months.
Put differently, the USD 20 million was approved just as AAA posted nine months of profit well above last year's. The question for shareholders is what asset that money will buy.
Where the money goes and who holds the terms
The money moves through three tiers. At the top is An Phat Holdings (HoSE: APH). In June 2026 it raised its stake in AAA from 48.71% to 50.23%, making it AAA's parent.Doanh Nhân Trẻ In the middle is AAA, whose board approved the plan and the total value. At the bottom is An Phat High-Tech Industrial Park JSC, the direct buyer. AAA holds 96.92% of it, with charter capital of VND 1,008.22 billion. With a stake that close to total, any gain or loss from Aventador Corp, if the deal completes, will flow almost entirely into AAA's consolidated results.
For shareholders, Clause 3 of Article 1 of the resolution is the part most worth reading closely. It says the subsidiary decides, on its own initiative, the form and conditions of the share purchase, the number of shares, the price, the ownership percentage, the objectives, the scale and the implementation plan.AAA At AAA level, execution is assigned to Ms. Hoa Thi Thu Ha, a board member of An Phat Bioplastics (AAA) and AAA's representative for its capital in An Phat High-Tech Industrial Park JSC. Under the resolution, she attends the subsidiary's general shareholders' meeting and votes in favor of the matters related to the project.
The effect is straightforward. For a subsidiary that AAA owns 96.92% of, the subsidiary's shareholder meeting is in practice AAA's own vote, and that vote has been pointed toward approval in advance. So the numbers AAA shareholders care about most, what is paid per share and what percentage of Aventador Corp is held, will be settled at the subsidiary level. They do not go through another round of voting by AAA shareholders.
The US is not new to AAA, real estate is
AAA already has a presence in the US. As of September 30, 2026, it had 14 subsidiaries, including US operations through An Phat International INC and AFC EcoPlastics LLC.Người Quan Sát According to Người Đưa Tin, the US has been a key export market for AAA's plastic and biodegradable packaging, contributing more than 7% of revenue in 2024.Người Đưa Tin CafeF reports that in 2019 An Phat Holdings also announced plans for an eco-friendly packaging plant in the US, with a planned scale of 300 production lines.CafeF
What is different this time is the industry. The US entities and plans above all revolve around plastic products: sales, distribution, manufacturing. Aventador Corp, according to the resolution, is in real estate. The buyer sits in the industrial park segment, which is infrastructure rather than AAA's plastics business.
For shareholders, that means part of a packaging maker's money will sit in an asset with a different cycle and a different valuation method from plastics. US property values respond directly to interest rates and to rental demand there, variables unlike resin prices or export orders.
Where AAA shareholders will find the answer
The money can show up in the reports in two ways, and each gives shareholders a different picture.
If the subsidiary buys enough to control Aventador Corp, the US company becomes a second-tier subsidiary of AAA. Consolidated statements would then fold in all of its assets, debt, revenue and expenses, so shareholders can see directly the size of the real estate holdings the money bought.
If the subsidiary holds only a part, enough to "take part in management" as the resolution puts it but not to control, the investment would sit under associates or capital contributions. Shareholders would see the investment's value and the matching share of profit or loss, with less detail on the assets underneath.
The spending decision is done at board level, while the stake AAA receives and the assets it gets depend on terms the subsidiary will set. The evidence now available is not enough to judge the deal either way, so the verdict has to wait for two documents: the disclosure when the subsidiary completes the transaction, and the consolidated financial statements for the quarter in which it closes, where the USD 20 million will appear on a specific line alongside the ownership percentage received and the assets Aventador Corp holds.