CMC Corporation to acquire 99.9% of TTL Holdings

CMC Corporation (CVT) has approved a plan to acquire 99.9% of the capital contributions in TTL Holdings, which will make TTL Holdings a subsidiary of CMC.

Prior to this announcement, TTL Holdings had planned to acquire shares in Thang Long Corporation (TTL) from existing shareholders, aiming for an ownership stake of 25% or more. Thang Long Corporation sought shareholder approval to exempt TTL Holdings from mandatory public tender procedures when its ownership exceeds legal thresholds.

In a vote held on September 10, 2026, the proposal passed with 62.69% approval, representing nearly 13 million votes. Major supporters included shareholders Pham Tuan Vu, Dong Diem Nga My, and Bui Thi Nhu Quynh. However, the proposal faced opposition from two institutional shareholders: Saigon - Hanoi Commercial Joint Stock Bank (SHB) and Saigon - Hanoi Insurance Corporation (BSH), which together held 6 million dissenting votes, accounting for 28.99% of the total voting shares.