A day after its first trading session on UPCoM, the board of Hoang Anh Gia Lai International Investment JSC (HGI) put a capital-raising plan to shareholders. According to the written shareholder consultation dated November 10, as relayed by Người Quan Sát, HGI proposes offering up to 12.7 million shares to existing shareholders at VND 10,000 each.Người Quan Sát Ballots must reach the company before 5 pm on November 20, 2026.Tin nhanh Chứng khoán
In plain terms, this is an invitation to buy more shares at a price far below the market, with the catch that you have to put in cash if you want to keep your slice of the company intact. This post walks through each step of the plan and what happens to the account of someone holding HGI at each one. It does not discuss where HGI's price is heading, or whether to pay up or let the rights go.
What the plan says
The offering equals 6.7805% of shares outstanding. The rights ratio is 1,873:127: each share held earns one right, and every 1,873 rights buy 127 new shares.Tin nhanh Chứng khoán Shares allocated to existing shareholders carry no transfer restriction, meaning that once they land in the account they can be sold.Người Quan Sát
If the offering sells out, HGI raises up to VND 127 billion and charter capital rises from VND 1,873 billion to VND 2,000 billion.Tin nhanh Chứng khoán The whole amount is earmarked for repaying bank loans, bonds and debts to related companies in 2027.Doanh nhân & Pháp luật The offering can only proceed in Q4 2026 or in 2027, after the State Securities Commission issues the registration certificate.Người Quan Sát
Step 1: return the ballot before 5 pm on November 20
This is a written consultation that replaces a general shareholders' meeting. Registered shareholders can vote for, against or abstain. After counting, HGI will publish the vote record and the resolution, which will show whether the plan passed. Nothing changes in your account at this stage: your share count stays put and no rights have been allocated.
Step 2: wait for the certificate
If the plan passes, HGI files to register the offering. Only once the State Securities Commission issues its certificate will the company fix the record date that decides who receives rights. The schedule for allocating rights and paying in cash will be in the issuance notice HGI publishes afterwards.
Step 3: the ex-rights date
Anyone who buys HGI before the ex-rights date is on the list to receive rights; anyone buying from that date on is not. On this day the exchange lowers HGI's reference price, calculated from the previous close, the VND 10,000 offer price and the rights ratio. The logic is straightforward: after the offering there will be more shares sold well below the market price, so the reference price is cut to reflect that. The drop is a technical adjustment, not a signal about the business.
Step 4: pay or do not pay
Take a shareholder with 1,873 shares. They receive 1,873 rights, can buy 127 new shares and would pay VND 1.27 million.Người Quan Sát
- Pay in full: the account holds 2,000 shares and the ownership stake stays the same as before the offering.
- Do not pay: the account still holds 1,873 shares while HGI's total share count rises. If all 12.7 million shares are sold, this holder's stake falls to about 93.65% of the old level, a dilution of about 6.35%.
How the dividend calendar sits next to the offering
HGI already has another date for shareholders this month: a cash dividend of VND 700 per share, ex-dividend date November 17, record date November 18, payment expected December 4.Tin nhanh Chứng khoán November 17 falls before the November 20 ballot deadline, but the two are separate entitlements. The November 17 reference price is adjusted only for the dividend, while the right to buy new shares will be fixed on another date, after the certificate is issued.
Người Quan Sát sets the two figures side by side: a holder of 1,873 shares receives more than VND 1.31 million in dividends before tax, and would pay VND 1.27 million to take up their full allocation.Người Quan Sát For individual shareholders, personal income tax is withheld from the dividend, so the two amounts do not fully offset each other.
Where VND 10,000 stands
Against the market, the offer price is about 85% lower: HGI closed on November 11 at VND 66,500.Tin nhanh Chứng khoán In the morning session on November 12 the stock was trading around VND 65,900.
Against book value, the picture depends on which statements you use. Per the Q3 financial statements, book value per share on September 30 was VND 10,928 on HGI's standalone accounts and VND 30,891 on a consolidated basis. The offer price is therefore about 8.5% and 67.6% below those two levels.Người Quan Sát The wide gap between the two suggests most of HGI's asset value sits in subsidiaries, which show up only in the consolidated accounts.
HGI explains the price by saying it has just completed a public offering to become a public company and wants to encourage existing shareholders to stay on board in the next phase.Người Quan Sát
VND 127 billion next to the debt and earnings
At the end of Q3, HGI's consolidated borrowings and finance leases totaled almost VND 4,293 billion, of which more than VND 2,667 billion was short-term and about VND 1,626 billion long-term.Doanh Nhân VN The maximum VND 127 billion is under 3% of that debt. Q3 interest expense alone was over VND 116 billion, close to the size of the whole offering.
On earnings, HGI posted consolidated profit after tax of almost VND 412 billion in Q3 and almost VND 1,129 billion over nine months.Người Quan Sát So this offering is not meant to cover a loss-making period. According to the proposal, it is a small sum added to the 2027 debt repayment plan.
Most of the rights belong to HAG
HGI's largest shareholder is Hoang Anh Gia Lai JSC (HAG). As of October 2, HAG held 141.37 million shares, or 75.48% of HGI's charter capital. If HAG takes up its full allocation, it would pay about VND 95.86 billion, most of the VND 127 billion on offer.Người Quan Sát Other outlets put the stake at 74.79%,Doanh Nhân VN but on either figure HAG owns roughly three quarters of HGI and so receives roughly three quarters of the rights.
For small shareholders, that means the amount raised depends mainly on HAG's decision, while their own choice only determines their own stake.
Conclusion: where each choice leads
If the plan is approved, an HGI holder faces two clear outcomes. Paying in full keeps the ownership stake and adds shares bought at VND 10,000. Not paying keeps the share count but cuts the stake by about 6.35% if the offering sells out.
The next milestone is the resolution after November 20. If the plan passes, the issuance notice that follows the certificate will answer what holders need most: the record date, whether rights are transferable, how unsubscribed shares are handled and the payment deadline.