PYN Elite Fund sells 4 million STB shares, ceasing to be a major shareholder.
PYN Elite Fund (Finland) reduced its stake in Sacombank to 4.86% after selling 4 million STB shares, officially stepping down as a major shareholder of the bank.
PYN Elite Fund reduces its stake to below 5%.
PYN Elite Fund (Finland) has sold 4 million shares of Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank, ticker symbol: STB), thereby ceasing to hold a major shareholder position. The transaction took place on December 9, 2025.
According to the announcement, PYN Elite Fund reduced its holdings of STB shares from over 95.6 million to 91.6 million units. Consequently, the fund's ownership stake in Sacombank decreased from 5.07% to 4.86%, falling below the 5% threshold required to be recognized as a major shareholder.
Market context and fund movements
This move comes amidst a downward trend in STB's share price over the past two months. PYN Elite Fund has sold a total of approximately 15 million STB shares during this period. Compared to its peak price of VND 61,000 per share recorded on October 13, 2025, STB's share price has fallen by nearly 23%, closing the trading session on December 17 at VND 47,200 per share.
Previously, PYN Elite Fund increased its ownership in Sacombank, raising its stake from 5.38% (equivalent to 101.4 million shares) on August 7, 2025 to 5.64% (106.4 million shares) on October 6, 2025.
According to a report by PYN Elite Fund, the fund's investment performance in November 2025 recorded a negative 5.8%, mainly due to the decline in STB stock prices. The weighting of STB in the fund's investment portfolio also decreased from approximately 20% to 17% by the end of November 2025.
Following the transaction, PYN Elite Fund remains one of the investors with a significant ownership stake in Sacombank. Following the fund is Mr. Duong Cong Minh, Chairman of the Board of Directors of Sacombank, with a 3.32% stake, equivalent to 62.5 million shares, as of the latest update in October 2025.
Opinions from securities companies
Securities companies offer differing views on the potential of STB shares.
| Securities company | Recommendation | Target price (VND/share) | Basis for assessment |
|---|---|---|---|
| Vietcap Joint Stock Company (December 16, 2025) | Positive | 55,400 | The P/E ratio for 2025 is 7.6 times, and the 12-month trailing P/B ratio is 1.4 times. |
| SSI Securities Corporation (early December 2025) | Neutral | 58,200 | The projected P/B ratio for 2026 is 1.28 times. Concerns remain about deteriorating asset quality and pressure to make provisions. |
