SCIC to auction Seaprodex shares worth over 8,500 billion VND

The State Capital Investment Corporation (SCIC) is scheduled to auction 79 million shares of Seaprodex (SEA), representing 63.38% of the company's capital, on September 29. The starting price is set at over 8,500 billion VND, or approximately 107,400 VND per share, which is 45% higher than the current market price.

Investors are particularly interested in the auction due to Seaprodex's ownership of prime real estate in Ho Chi Minh City, most notably the site at 2-4-6 Dong Khoi. This location is planned for a 20-story mixed-use complex including hotels, commercial spaces, offices, and apartments. While Seaprodex has fulfilled its financial obligations regarding the land, it has not yet received the official land use rights certificate required to begin project implementation.

Significant shareholders in Seaprodex include Ngan Hiep Real Estate JSC and Redwood Investment JSC, both of which have ties to Novaland Group. The Dong Khoi property is currently recorded on the company's books at over 692 billion VND, though this figure does not reflect its actual market value.