Sunshine Group tenders offer for Sunshine Homes shares

Sunshine Group Joint Stock Company (HNX:KSF) is undertaking a public tender offer to exchange its shares for those of Sunshine Homes Development Joint Stock Company (SSH). The offer proposes an exchange ratio of 1.6 KSF shares for every 1 SSH share. Sunshine Group currently has a registered capital of 3,000,000,000,000 VND. This tender offer, approved by the General Meeting of Shareholders on April 26, 2025, follows a prior capital increase in 2021 that raised capital to 3,000,000,000,000 VND through the issuance of 50,000,000 additional shares.

Valuation reports from VNG Value and Deloitte Vietnam, dated March 27, 2025, indicate a fair value of 61,657 VND per KSF share and 91,214 VND per SSH share. The exchange ratio implies a premium for SSH shareholders compared to recent market prices. The transaction is contingent on the approval of the State Securities Commission, with a timeline for notification and execution expected between T+7 and T+100 days from the initial announcement.