The plan was mentioned in documents prepared for an extraordinary shareholders’ meeting on December 15.

As of November 18, TCG Solutions Pte. Ltd., a member of Thai Containers Group under Thailand’s conglomerate SCG, owned 94.11% of Bien Hoa Packaging's (HoSE: SVI) charter capital, or 12.07 million shares.

Minority shareholders held just 5.89%, far short of the requirement that at least 10% of voting shares be owned by 100 or more non-major shareholders.

If the plan is approved, SVI will proceed to cancel its public-company status, delist from HoSE, and deregister its shares at the Vietnam Securities Depository and Clearing Corporation (VSDC).

Founded in 1968 and listed since 2012, SVI is among southern Vietnam’s largest packaging manufacturers. Its ownership structure changed significantly after SCG took control in late 2020.

TCG Solutions acquired a majority stake at SVI for VND2.1 trillion ($79.61 million) and then subsequently overhauled SVI’s board, with mainly Thai and Japanese executives. SVI’s chairman, Jakjit Klomsing, also heads SCG’s packaging division.

Despite support from a Thai giant, SVI’s performance has weakened. Revenue reached a record VND1.88 trillion ($71.27 million) in 2022 but slipped to around VND1.5 trillion ($56.87 million) in 2023-2024. Net profit has more than halved from VND146 billion ($5.53 million) in 2020 to VND76 billion in 2024, the lowest in six years.

The downturn extended into 2025. SVI posted just VND26 billion ($985,670) in net profit in the first nine months, its weakest result in over 15 years and only 26% of its full-year goal. The firm attributed the decline to lower selling prices and rising raw-material costs.

SVI shares closed at VND50,000 ($1.9) each on Monday.