TH-backed Nasu moves to acquire 50.66% of Cao Bang Sugar

Nasu set to receive controlling stake

Nong Van Son, chairman of Cao Bang Sugar JSC, and his sister Nong Thi Thu Ha have registered to sell a combined 50.66% of the company’s charter capital through negotiated transactions, according to CafeBiz. Son plans to sell nearly 2.5 million CBS shares, equivalent to 46.69%, between August 12 and August 28, 2026. Ha registered to sell 210,048 shares, or 3.97%, between August 11 and August 28, 2026.

The intended recipient of the controlling stake is Nghe An Sugar Company, known as Nasu, which belongs to TH Group’s business ecosystem. An extraordinary general meeting of Cao Bang Sugar shareholders on August 6 approved Nasu’s acquisition of Son’s voting shares without requiring a public tender offer. The report did not disclose the negotiated transfer price.

CBS shares closed at 23,000 dong on August 11, giving the company a market capitalization of 121 billion dong. At that market price, the combined 50.66% holding would represent slightly more than half of the listed company’s equity value, although the actual consideration may differ.

Competition for cane shapes the transaction

Son told shareholders that Nasu is one of Vietnam’s large sugar mills and has the resources to help address competition among buyers for raw cane. Nong Van Thuyet, vice chairman of Cao Bang Sugar, said private traders also purchase cane for two nearby Chinese sugar factories. Those plants were consolidated from three facilities into one, tripling processing scale, and currently face a cane shortage of 30%-40%, he said.

The border trade raises the stakes for Cao Bang Sugar’s supply area because exported cane carries a 0% tariff as an agricultural product. Nasu’s financial backing could therefore help the company retain growers and secure enough feedstock for its mill. Cao Bang Sugar’s cane area covers nine communes following administrative mergers, in the former Quang Hoa and Thach An districts of Cao Bang province.

Industrial links with TH Group

Company representatives presented the transaction as a combination of complementary operations. Sugar can be supplied for dairy production, molasses can be used in cattle feed, and cattle manure can be processed into fertilizer for cane fields. These links could give Cao Bang Sugar a more stable outlet for its products and by-products while supporting TH Group’s dairy and livestock activities.

Nasu said Cao Bang Sugar’s available cash could be used for dividends, machinery investment and risk reserves. Employees are expected to remain in their jobs for at least one year with existing benefits maintained before any workforce adjustments. Meeting records also show that Son considered retaining part of his holding, transferring only 36%, or completing the sale in two or three stages over two years.

Existing mill and regional sales base

Cao Bang Sugar’s predecessor began construction in 1995 and completed its factory in December 1997 with designed capacity of 700 tonnes of cane per day. The company now maintains average crushing capacity above 1,600 tonnes per day.

During the July 2024-June 2025 crop year, CBS processed 113,631 tonnes of raw cane, produced 12,906 tonnes of sugar and sold more than 14,100 tonnes. It recorded net revenue of 265 billion dong and after-tax profit of nearly 34 billion dong. Its main markets over the past two years included Bac Ninh, Bac Giang, Lang Son, Hanoi, Vinh Phuc, Phu Tho, Thai Nguyen and Cao Bang, as well as neighboring provinces.