ASEAN Securities Sells Off Stake in Hapro, Exits Major Shareholder Status

ASEAN Securities Joint Stock Company (ASEANSC) has announced the complete divestment of nearly 11.6 million shares in Hanoi Trading Corporation (Hapro) for a transaction value exceeding VND 115.8 billion. This sale marks ASEANSC's exit from its position as a major shareholder in Hapro. ASEANSC had become a major shareholder in July 2022 after acquiring 9.68 million Hapro shares, increasing its ownership stake from 0.87% to over 5.27%. With the recent transaction, its ownership has dropped to 0%, removing it from the list of major shareholders. Hapro's shareholder structure has historically been concentrated. As of June 30, 2023, four major shareholders held 96.63% of the company's capital. ASEANSC's departure is expected to further consolidate this concentrated ownership. ASEANSC's reviewed consolidated financial statements for the first half of 2026 reported total operating revenue of VND 121.2 billion, a 39.1% increase year-on-year. However, its profit after tax decreased by 11.7% to VND 41.4 billion, attributed to factors such as losses from financial assets and a decline in securities brokerage revenue. Specifically, losses from financial assets at fair value through profit or loss (FVTPL) amounted to VND 10 billion, a significant decrease from the VND 31.4 billion profit in the prior year's comparable period. Gains from loans and receivables reached VND 18.5 billion, up 49.2%. Brokerage revenue stood at VND 15.2 billion, down 13.1%. Income from available-for-sale financial assets was VND 44.8 billion, a new entry compared to the previous year. Revenue from securities investment consulting services was VND 19.8 billion, a 3.5-fold increase. Operating expenses for ASEANSC in the period were VND 32.3 billion, up 50.2% from the first half of 2025. FVTPL operations incurred nearly VND 6 billion in costs, contrasting with a VND 1.7 billion reversal in the prior year. Securities brokerage costs were VND 19.8 billion, an increase of 11.9%. Total assets of ASEANSC as of June 30 were over VND 4,078 billion, an increase of 9.4% from the beginning of the year. This was primarily due to an increase in investments held to maturity from VND 880 billion to VND 990 billion, and cash and cash equivalents rising from VND 78.7 billion to VND 856.2 billion. Conversely, available-for-sale financial assets decreased from VND 1,050.7 billion to VND 950.6 billion. On the liabilities side, the company's total payables were over VND 2,063 billion, an increase of 17.8% from the start of the year, largely driven by short-term loans rising from VND 1,658 billion to VND 1,978 billion. Equity increased slightly from nearly VND 1,976 billion to almost VND 2,015 billion. As of June 30, ASEANSC's major shareholders included three entities: Vinh Loc Service Development Co., Ltd. (formerly Thinh Phat Investment Management Co., Ltd.) holding 30.55% of contributed capital, Thanh Kim Investment Consulting Co., Ltd. holding 46.54%, and Toan Phu Trading and Investment Co., Ltd. holding 22.91%. Information Source: The Saigon Times