Securities Commission revokes public status of Song Da Clean Water and Bibica

The State Securities Commission has just announced the cancellation of the public company status of Song Da Clean Water and Bibica, following significant changes in the ownership structure of these two enterprises.

Panorama of Song Da Water Plant - Photo: Viwasupco

The State Securities Commission has just announced the termination of the public company status of Song Da Clean Water Investment Joint Stock Company (Viwasupco - VCW).

At the same time, the State Securities Commission also made a similar decision regarding Bibica Joint Stock Company (BBC) - a familiar confectionery brand in the Vietnamese market.

Song Da Clean Water leaves public company status due to insufficient ratio of small shareholders

For Song Da Clean Water, the company announced its business results for the third quarter of 2025 with many signs of improvement after a difficult period.

During the period, the company recorded net revenue of nearly VND252 billion, up 76% over the same period thanks to increased consumption output and adjustment of clean water prices.

Thanks to that, gross profit margin increased sharply from 16% to 40.5%, helping the company earn after-tax profit of nearly 34 billion VND, a complete reversal compared to the loss of 33 billion VND in the same period last year.

Synthesized from the company's financial statements

In the first 9 months of 2025, the company achieved 657 billion VND in revenue and 106 billion VND in profit after tax, nearly 3 times higher than the annual profit plan.

However, despite the recovery in business results, the reason why Song Da Clean Water is no longer qualified is because the ratio of small shareholders is only 1.59%, much lower than the minimum level of 10% as prescribed by the Securities Law.

Currently, 98.41% of Song Da Clean Water's charter capital is owned by two major shareholders including GELEX Infrastructure Joint Stock Company (62.46%) and REE Clean Water Company Limited (35.95%).

Business leaders believe that proactively leaving the public company status before the 2026 deadline is in line with future development orientation.

At the same time, it will help businesses focus resources on business activities, especially when debt pressure has increased to VND3,508 billion, while interest expenses account for 20% of revenue in the first 9 months of the year.

Bibica's public status was revoked due to concentrated shareholders.

Similarly, Bibica no longer meets the criteria for a public company because its shareholder structure is too concentrated. Currently, PAN Group holds 98.3% of the charter capital, making the ownership ratio of outside investors ineligible under the law.

Regarding the investment in Bibica, Mr. Servin, CFO of Indonesia SMA Group, said the deal helps SMA expand its portfolio from snack products to biscuits and many other confectionery lines.

Not only that, this cooperation is expected to create effective coordination between the two sides, from production, product innovation to supply chain optimization within the cross-border scope.

In terms of business results, in the first 9 months of the year, Bibica achieved 1,127 billion VND, a slight increase of 2% over the same period. Pre-tax and after-tax profits reached about 86 billion and 71 billion VND, an increase of 19 billion and 11 billion VND respectively compared to the first 9 months of 2024.

Thus, after 3 quarters, the enterprise has completed 64% of the revenue plan and 56% of the pre-tax profit target for 2025.

Bibica is now a famous brand in Vietnam with a variety of products from biscuits, cakes to candies. This company has more than 100,000 points of sale in Vietnam. In addition to the domestic market, the company also exports to Japan, Korea and the US.

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LINH NGUYEN

Source: https://tuoitre.vn/uy-ban-chung-khoan-huy-tu-cach-dai-chung-voi-nuoc-sach-song-da-va-bibica-2025120814385608.htm