Red Capital exits major shareholder position in EVN's subsidiary VSH

Red Capital Asset Management JSC has ceased to be a major shareholder of Vinh Son-Song Hinh Hydropower JSC (HoSE: VSH), a subsidiary of state-owned Vietnam Electricity (EVN), after sharply reducing its stake.

The Ho Chi Minh City-based fund manager said it cut its ownership in VSH to 1.12% (2.64 million shares) from 5.48% (12.94 million shares), according to a disclosure on Monday.

The transaction, executed on November 19, lowered its holding below the 5% threshold that defines a major shareholder under Vietnamese securities law.

Based on VSH’s closing price of VND44,500 ($1.69) on the transaction date, Red Capital likely earned around VND456.6 billion ($17.31 million) from the sale.

Red Capital’s affiliated entity, Red One Infrastructure Fund, continues to hold 6.425 million shares, equivalent to a 2.72% stake. Following the transaction, Red Capital and its affiliate now jointly own 9.065 million shares, or 3.84% of VSH.

VSH plans to distribute a second cash dividend of the year at a 10% rate, or VND1,000 ($0.04) per share, with payment scheduled for December 31. With more than 236.2 million shares outstanding, the company will pay out roughly VND236.2 billion ($8.95 million), funded from retained earnings as of September 30, 2025.

REE Energy Co., a subsidiary of Refrigeration Electrical Engineering Corp. (HoSE: REE) and the largest shareholder of VSH, holds about 124.2 million shares and is expected to receive VND124.2 billion ($4.71 million). Power Generation Corp. 3 (PGV), an EVN subsidiary, owns nearly 72.2 million shares and will receive approximately VND72.2 billion ($2.74 million).