SCIC to auction $328m stake at Seaprodex, holder of prime lands in Ho Chi Minh City

The starting price is equivalent to VND107,400 per share (about $4.14).

If the unit price is applied to all 125 million Seaprodex shares in circulation, the company’s implied valuation will reach about VND13.425 trillion ($517.6 million), or roughly 4.6 times its consolidated total assets as of the end of June.

According to the announcement, the auction is scheduled to begin at 9:00 am on September 29, 2026 at the Hanoi Stock Exchange, while registration and deposit payments are due by 3:30 pm on September 22.

Seaprodex manages and uses a portfolio of real estate properties in the heart of Ho Chi Minh City and other localities.

One of the notable properties managed and used by Seaprodex is the land plot at 2-4-6 Dong Khoi Street in Sai Gon Ward, Ho Chi Minh City, where the company’s headquarters are located.

The site is in central Ho Chi Minh City and is bordered by Ton Duc Thang, Dong Khoi and Ngo Duc Ke Streets, according to planning documents included in Seaprodex’s information disclosure dossier.

As of June 30, 2026, the 2-4-6 Dong Khoi project accounted for virtually all of Seaprodex’s construction-in-progress costs, absorbing more than VND692.17 billion ($26.7 million) out of the company’s total VND692.7 billion ($26.7 million) balance.

Besides the 2-4-6 Dong Khoi site, Seaprodex manages and uses a number of other properties in Ho Chi Minh City and other localities, with different legal statuses and usage periods.

In Ho Chi Minh City, these include an office building at 22-24-26 Mac Thi Buoi Street in Sai Gon Ward, covering 277.8 square meters, and a property at 211 Nguyen Thai Hoc Street in Ben Thanh Ward, covering 243.4 square meters.

They also include a facility at 97/6 Kinh Duong Vuong Street in Phu Lam Ward, covering 541.9 square meters, and a property at 7 No Trang Long Street in Gia Dinh Ward, covering 1,187.5 square meters, according to the disclosure documents.

As of March 18, 2026, besides SCIC, Seaprodex’s major shareholders included Ngan Hiep Real Estate JSC, which held a 24.03 percent stake, and Redwood Investment JSC, with an 8.44 percent stake.

The three major shareholders collectively held 95.85 percent of Seaprodex’s capital, while all other shareholders, none of whom were major shareholders, held the remaining 4.15 percent of the company’s voting shares.

As of June 30, 2026, Seaprodex had consolidated total assets of more than VND2.91 trillion ($112.2 million) and equity of over VND2.661 trillion ($102.6 million).

The company posted net revenue of more than VND435 billion ($16.8 million) in the first half of 2026, up 29 percent year on year, while its after-tax profit topped VND105 billion ($4.05 million), slightly below the VND107 billion ($4.13 million) recorded in the same period last year, according to its financial data.