The issuance of shares to exchange for shares in Thanh Thanh Nam (TTN) is considered one of the important additional factors contributing to expanding the asset scale and increasing revenue from operating activities for TTC Land.
The TTN share swap is a strategic step in TTC Land's restructuring roadmap.
In the context of a real estate market undergoing restructuring, where asset quality and cash flow generation capabilities are increasingly important criteria for evaluating businesses, Saigon Thuong Tin Real Estate Joint Stock Company - TTC Land (stock code SCR) is presenting to its General Shareholders' Meeting a plan to issue shares to exchange for shares in Thanh Thanh Nam Joint Stock Company (TTN).
This is considered one of the important supplementary factors contributing to expanding the scale of assets and increasing revenue from operational activities for TTC Land.
A stable operating asset system
Unlike many transactions driven by expectations, TTN is a company that already owns a system of assets that are being effectively operated. According to the exchange plan, TTC Land is expected to own the majority of the assets currently managed and operated by TTN, with a total leasable floor area of over 42,000 m² and a network of more than 300 commercial partners nationwide. This portfolio includes office buildings, shopping malls, and TTC Plaza complexes in various locations.
Currently, TTC Land's total leasable floor area exceeds 166,000 m². After consolidation with assets from TTN, the projected leasable floor area is expected to increase to over 208,000 m². This increase contributes to expanding the portfolio of exploitable assets and provides a foundation for the company to gradually increase the proportion of stable revenue sources in its revenue structure.
Note that some core assets such as TTC Tower and TTC A&T Building (Ho Chi Minh City) are maintaining high occupancy rates of approximately 98%. Meanwhile, assets in developing areas like Dong Nai have recorded occupancy rates of around 85% and have room for improvement in the future.
Many of TTN's core assets, such as TTC Tower and TTC A&T Building, are maintaining high occupancy rates.
Notably, this transaction not only increases ownership scale but also helps TTC Land add a business with a solid asset base.
According to the proposal, TTN has a charter capital of VND 848.827 billion; as of December 31, 2025, equity reached VND 887.918 billion and total assets reached VND 1.265.877 billion. TTN's main business is leasing office space, whether owned, used, or rented. With such an asset structure, TTN is considered a piece that can support TTC Land in increasing the proportion of assets generating cash flow during the period when the company is accelerating the restructuring of its business model towards greater sustainability.
Enhanced Operational Capabilities, Supporting Asset Exploitation
Besides assets, TTN has experience in managing and operating commercial real estate, with an operational system encompassing technical management, customer service, and commercial exploitation.
For TTC Land, owning TTN means the company not only has assets to exploit but also an "operational engine" to optimize asset utilization. Projects, upon completion, can be put into operation immediately, minimizing delays in generating cash flow – a common limitation for real estate development companies.
Furthermore, operational capabilities help increase asset value over time by enhancing the tenant experience, organizing community-building activities, and developing local commercial and entertainment destinations. This forms the foundation for projects to not only achieve high exploitation efficiency but also become long-term valuable destinations.
If approved by the General Shareholders' Meeting, the TTN share swap plan would be a strategic step in TTC Land's restructuring roadmap. In a market that prioritizes companies with real assets, operational capabilities, and sustainable cash flow, making TTN a subsidiary would open up more room for TTC Land to strengthen its growth foundation in the coming period.
According to CafeF Newspaper