Gemadept's Successful ESOP Issuance Raises $2.4M for Working Capital
Gemadept, a major player in Vietnam's logistics sector, recently completed an employee stock ownership plan (ESOP) issuance, raising VND63 billion ($2.4 million) for working capital. The ESOP shares, priced at VND10,000 ($0.38) each, were distributed to over 6.3 million shares. However, the involvement of Chu Duc Trung, son of VietinBank's deputy chairman, in this ESOP round remains unclear due to privacy regulations in Vietnam.
The ESOP issuance saw significant participation from Gemadept's executives and related parties. Nine key executives, including the chairman, vice chairman, and CEO, collectively purchased 918,000 shares. Chu Duc Trung, son of Chu Duc Khang, the vice chairman of VietinBank, also bought an additional 21,000 shares, investing approximately VND9.39 billion ($356,200) in total. Despite these transactions, the exact details of Chu Duc Trung's involvement in the ESOP round are not publicly documented due to privacy laws in Vietnam.
Gemadept's ESOP shares are subject to a two-year lock-up period, with 50% becoming unlockable in the third year and fully tradable in the fourth year. The company's shares closed down 2.21% to VND66,500 ($2.52) each on Tuesday, roughly six times the ESOP issue price. Gemadept's financial performance has been robust, with net revenue up 28.6% year-on-year in the first half of 2025 and pre-tax profit up 3.3%.
Gemadept's successful ESOP issuance has strengthened its working capital and demonstrated the confidence of its executives and related parties in the company's future. Despite the lack of public information on Chu Duc Trung's involvement, the ESOP round has been a significant event for Gemadept and its employees. As the only listed company in Vietnam owning and operating a port system from north to south, Gemadept continues to play a crucial role in the country's logistics sector.
