Dragon Capital eyes investment in Vietnam developer Taseco Land

A group of foreign investors under Dragon Capital has registered to acquire nearly 42% of the shares in the upcoming private placement of Taseco Land, a unit of Vietnam’s Taseco Group.

They include Vietnam Enterprise Investments Limited (7 million shares), Hanoi Investments Holdings Limited (5.7 million), Amersham Industries Limited (5.5 million), DC Developing Markets Strategies Public Limited Company (1.4 million), and Samsung Vietnam Securities Master Investment Trust Equity (0.4 million shares), according the list of 15 investors disclosed by the company.

In total, this group has registered to purchase 20 million shares, accounting for nearly 42% of the shares offered in the private placement.

Taseco Land JSC, listed on the Ho Chi Minh Stock Exchange (HoSE) as TAL, recently announced a resolution passed at its extraordinary general meeting of shareholders (EGM) to implement a private placement to increase charter capital.

Specifically, the company plans to issue 48.15 million shares at VND31,000 ($1.17) each, aiming to raise approximately VND1.49 trillion (about $56.6 million).

The issuance represents 15.44% of Taseco Land's outstanding shares and is expected to increase the company’s charter capital to VND3.6 trillion ($136.42 million). The transaction is scheduled to take place in Q3 or Q4 of this year.

The shares offered in this private placement will be subject to a one-year lock-up period for professional securities investors.

Taseco Land stated that all proceeds from the issuance will be used to repay four loans from MBBank, VietinBank, and Vietnam International Bank (VIB). The disbursement is expected between Q4/2025 and Q1/2026.

Among domestic investors, only two institutions registered are Saigon-Hanoi Securities JSC (SHS) with 8 million shares, and VietinBank Securities JSC (CTS) 2 million. Additionally, individual investors registered to buy 18.15 million shares.

Following the issuance, the ownership stake of parent company Taseco Group in Taseco Land is expected to decrease from 72.49% to 62.79%. The plan to “dilute” the shareholder structure and attract strategic investors was previously emphasized by Taseco Land’s leadership at the company’s 2025 AGM in April.

Chairman Pham Ngoc Thanh reiterated that Taseco Group intends to hold only a 51% stake in Taseco Land. As a result, the company plans to issue at least 10% of its shares to external investors.

“This move will significantly support project implementation, especially as the company has nearly exhausted its registered capital in current project commitments,” he said.

Taseco Land officially listed nearly 312 million shares on the HoSE on August 1. On its debut trading session, TAL hit the 20% ceiling, closing at VND30,600 ($1.16) each.

Analysts viewed its HoSE listing as a strategic milestone, signaling the company's commitment to transparency and corporate governance improvement. Meeting the listing requirements is also expected to strengthen shareholder confidence and attract long-term institutional capital.

Since its HoSE listing, with an initial reference price of VND25,500, TAL has surged more than 60%, hitting VND40,100 ($1.52) on Thursday.

In the first half of 2025, Taseco Land reported VND933 billion ($35.58 million) in net revenue. Thanks to a significant improvement in gross margin from 24.3% to 33.7%, its post-tax profit surged to VND60 billion ($2.29 million), more than 3.5 times higher than that in the same period of 2024.

The strong financial performance reflects the company’s product restructuring, cost control efforts, and solid preparations for large-scale commercialization in the second half of the year.

The firm recorded VND1.68 trillion ($66.5 million) in net revenue in 2024, down 47.9% from the previous year, while financial revenue surged to VND825 billion ($32.6 million) from VND85 billion in 2023.