Silent shareholders stall Becamex (BCM) share plan

Silent shareholders stall Becamex (BCM) share plan

The company had proposed to issue 150 million shares via a public auction with a starting price of no less than VNĐ50,000 per share (US$1.9).

The headquarters of Becamex in HCM City. — becamex.com.vn

Becamex IDC has hit another roadblock in its plans to raise capital through a public share offering, as state shareholders opted not to express their opinions on the matter.

The company had proposed to issue 150 million shares via a public auction with a starting price of no less than VNĐ50,000 per share (US$1.9).

In a recent vote among shareholders, Becamex IDC distributed 5,976 ballots representing over 1.03 billion BCM shares, equivalent to 100 per cent of its total capital.

Of these, only 136 ballots were returned, representing more than 1.01 billion shares, or 98.29 per cent of the total voting shares.

However, just 128 ballots, representing approximately 29.5 million shares (2.85 per cent of the voting shares), supported the capital increase. In contrast, six ballots representing over 987.8 million shares (95.44 per cent) remained silent, indicating that no shareholders actively opposed the proposal.

This lack of response from state shareholders, particularly the Bình Dương Provincial People’s Committee, which controlled 95 per cent of Becamex IDC’s capital before the July 1 restructuring, raises questions about the future of the share offering.

The planned public offering aimed to raise a minimum of VNĐ7.5 trillion, with allocations earmarked for project investments, capital increases for existing subsidiaries and debt repayment. Specifically, VNĐ2.5 trillion was to be invested in projects, VNĐ3.33 trillion for increasing the charter capital of subsidiaries and VNĐ1.67 trillion for settling loans.

Previously, Becamex IDC had ambitions to issue 300 million shares through a public auction on the Ho Chi Minh City Stock Exchange (HoSE) at a starting price of VNĐ69,600 per share, aiming to raise over VNĐ20.8 trillion.

However, adverse market conditions influenced by US tariff policies forced the company to postpone the plan as its share price declined significantly.

Currently, BCM shares are trading at VNĐ68,900, down nearly 1.6 per cent since the start of the year, with a market capitalisation of over VNĐ71.3 trillion. 

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