Sumitomo arm SSJ Consulting sells 10 mln Gemadept shares, exits major shareholder status

SSJ Consulting (Vietnam), a subsidiary of Japan’s Sumitomo Corporation, has sold 10 million shares in port operator and logistics group Gemadept (HoSE: GMD), cutting its stake below the threshold for major shareholders, regulatory filings showed.

The transaction was conducted between December 8 and December 26, 2025, according to a disclosure submitted to the State Securities Commission and the Ho Chi Minh City Stock Exchange (HoSE).

Following the sale, SSJ Consulting now holds about 19.7 million Gemadept shares, equivalent to a 4.62% stake, down from 6.96%. As a result, the firm is no longer classified as a major shareholder under Vietnamese securities regulations.

SSJ Consulting became a major shareholder of Gemadept in July 2019 after acquiring nearly 29.7 million shares, or roughly 10% of the company’s charter capital.

Despite the reduction, SSJ Consulting general director Iida Shuntaro continues to serve as a member of Gemadept’s board of directors, according to company disclosures.

Gemadept completed the rights issue for December 12, 2024, issuing nearly 103.5 million shares at VND45,000 ($1.7) apiece, raising more than VND3.01 trillion ($114.6 million).

As of December 12, 2025, Gemadept had disbursed about VND1.6 trillion ($60.72 million) of the proceeds, while roughly VND1.42 trillion ($53.88 million) remained unused, the filing showed.

In the first half of this year, Gemadept reported VND2.77 trillion ($105.23 million) in net revenue, up 28.6% year-on-year, and VND1.27 trillion ($48 million) in pre-tax profit, up 3.3%.

Gemadept is the only listed company in Vietnam that owns and operates a port system spanning from the North to the South, offering a wide range of services from dry ports to river and seaports.

Notably, it owns Gemalink, one of the largest deep-water ports in the country, and is ranked among the top 19 global ports capable of accommodating megaships.

In the logistics sector, the firm operates a network of distribution centers offering a range of services, including air cargo handling, warehousing, heavy-lift transportation, maritime and waterway logistics, cold chain logistics, and automobile logistics.