[Biz Insider] Who really stands behind the links at Ladophar?
Louis Holdings is a major shareholder, while APC Holdings has risen to hold nearly 28.8% of charter capital, while many personnel ties and financial transactions continue to appear in Ladophar's published reports. What do these data reveal about the influence picture at the pharmaceutical enterprise with a history of more than 40 years?
Lam Dong Pharmaceutical Joint Stock Company (Ladophar, HNX: LDP) was established on May 8, 1982, operating in the field of traditional medicine production, pharmaceutical trading, medicinal herbs, medical equipment, and import-export of pharmaceuticals and medicinal materials. The company currently has a charter capital of over VND 187 billion and is headquartered in Da Lat, Lam Dong. As of March 31, 2026, Ladophar has one subsidiary, Ladophar Herbal Beverage One Member Limited Liability Company, along with a system of affiliated branches.
The remaining marks of Louis Holdings
In 2021, Ladophar became a member of the Louis Holdings ecosystem of Mr. Do Thanh Nhan. During this period, along with other enterprises such as Angimex, BII, TGG, VKC, and Sametel, Ladophar attracted significant attention from investors as part of the "Louis family" ecosystem. After the legal incident of Mr. Do Thanh Nhan, the Louis Holdings ecosystem gradually declined in influence. However, published disclosure documents show that some shareholder and personnel ties between Ladophar and Louis Holdings remain recorded. According to the list of major shareholders published in April 2026, Louis Holdings Joint Stock Company currently holds 1,320,225 LDP shares, equivalent to nearly 7.05% of charter capital. Meanwhile, APC Holdings Joint Stock Company owns 5,393,600 shares, equivalent to nearly 28.8% of capital, and is the largest shareholder in Ladophar.
Louis Holdings is holding nearly 7.05% of capital in Ladophar as published in April 2026.
The 2025 management report shows that Mr. Le Tien Thinh - current General Director of Ladophar - was Chairman of the Board of Directors of Angimex in the 2022-2025 period and previously served on the Board of Directors of Louis Holdings in 2022. In addition, from January 24, 2025 to April 30, 2025, Mr. Thinh was authorized by Louis Holdings to represent the entire capital contribution of this enterprise in Ladophar. Meanwhile, Mr. Pham Trung Kien - Chairman of the Board of Directors and legal representative of Ladophar - was the representative of 100% of Louis Holdings' capital contribution in Ladophar from January 19, 2024 to January 24, 2025. Besides his capital representation role, Mr. Kien became a major shareholder of Ladophar from April 2025 with an ownership rate of 8.8% of charter capital. However, according to the 2025 management report, he ceased to be a major shareholder of the enterprise as of December 1, 2025. Several enterprises belonging to the Louis ecosystem are also recorded as related parties to Ladophar, including Louis Rice Import-Export Joint Stock Company, Louis Rice Long An One Member Limited Liability Company, and Louis Rice Kien Giang One Member Limited Liability Company. Notably, in the financial statements, Ladophar recorded a short-term receivable of VND 50.5 billion from Bao Tho Industrial Investment and Development Joint Stock Company. This is an advance for land lease contracts and project implementation. Bao Tho is an enterprise that was renamed Louis Land (BII) after the Louis Holdings group took over management.
APC Holdings becomes the largest shareholder
Besides Louis Holdings, APC Holdings is currently the most influential shareholder in Ladophar. This enterprise became a major shareholder after Ladophar's private placement in 2025. According to the plan, Ladophar planned to issue 13.64 million shares to raise VND 150 billion. However, the company only distributed 5.39 million shares to APC Holdings. After the issuance, Ladophar's charter capital increased to over VND 187 billion, while APC Holdings raised its ownership from 0% to 28.8% of charter capital. APC Holdings was established in 2015, formerly International Coal Joint Stock Company, later renamed APG Capital Joint Stock Company before changing to its current name in 2023. The current Chairman of the Board of Directors and legal representative is Ms. Le Thi Mai Hoa. Notably, APC Holdings has many ties with the APG ecosystem. In the past, Mr. Nguyen Ho Hung - Chairman of the Board of Directors of APG Securities Joint Stock Company - participated in this enterprise as a founding shareholder. Meanwhile, APG Securities was once a major shareholder of Ladophar with an ownership rate of 18.87% of charter capital before divesting all capital in March 2025. Although no longer holding shares, ties between Ladophar and the APG ecosystem still appear in disclosure reports. APG Securities' Q1/2026 financial statements recorded a short-term prepayment from customers of over VND 1 billion with Ladophar. Additionally, Ladophar's consolidated Q1/2026 financial statements show that the enterprise still incurred transactions with many related parties. Specifically, as of March 31, 2026, Ladophar recorded a payable of over VND 5 billion to APC Holdings Joint Stock Company arising from purchases. At the same time, the enterprise had a receivable of nearly VND 886 million from APG Eco Joint Stock Company and over VND 453 million from DK PCF International Trading Joint Stock Company. APG Eco is an enterprise linked to some personnel on Ladophar's Board of Directors. The 2025 management report also shows that Ms. Dang Thuy Linh - non-executive Board member of Ladophar - is the Chairwoman of the Board of Directors of APG Eco Joint Stock Company. Meanwhile, Ms. Nguyen Thi Giang - non-executive Board member and member of Ladophar's Audit Committee - is also a person related to APG Eco.
Advance of over VND 59 billion to ATG Planet
One of the notable issues at Ladophar currently is the transaction with ATG Planet Joint Stock Company. According to the consolidated Q1/2026 financial statements, Ladophar is recording a customer receivable from ATG Planet of over VND 9.4 billion. At the same time, the enterprise also has a prepayment to this unit of up to VND 59.29 billion.
Ladophar advanced VND 59.29 billion to ATG Planet.
The relationship between Ladophar and ATG Planet is not limited to financial transactions. At the extraordinary General Meeting of Shareholders in December 2023, Ladophar elected three additional Board members: Mr. Nguyen Ho Hung, Mr. Vo Qui Lam, and Mr. Le Xuan Thanh. Among them, Mr. Nguyen Ho Hung is the Chairman of the Board of Directors of APG Securities, while Mr. Vo Quy Lam was a Board member of APG Securities. Notably, Mr. Vo Qui Lam previously held the position of General Director of ATG Planet. Although he no longer manages this enterprise, the Q4/2025 financial statements of ATG Planet show that he still owns 9.12% of charter capital.
Photo of financial statements
The 2025 management report of ATG Planet also records many personnel overlaps with enterprises related to the APG ecosystem. Specifically, Mr. Nguyen Huu Phu is the Chairman of the Board of Directors and legal representative of ATG Planet, and also serves on the Board of Directors of other enterprises such as AGM and GKM. Meanwhile, Mr. Nguyen Cong Duy, General Director of ATG Planet, is also a Board member of GKM. A notable detail is the scale of cash flows between transactions. APC Holdings spent about VND 59 billion to participate in Ladophar's private placement. Later, Ladophar recorded an advance of VND 59.29 billion to ATG Planet under an EPC contract for implementing a medicinal herb extraction project using supercritical CO₂ technology. These amounts are similar in scale, although published reports currently provide no evidence of a direct link between the two transactions. Notably, the total value of receivables from Bao Tho Industrial Investment and Development Joint Stock Company (VND 50.5 billion) and the advance to ATG Planet (VND 59.29 billion) amount to nearly VND 110 billion. This figure is equivalent to nearly 59% of Ladophar's current charter capital. Meanwhile, Ladophar's Board of Directors recently approved Resolution No. 06/NQ-HDQT/LDP/2026 on terminating the EPC contract with ATG Planet. According to the resolution, Ladophar decided to stop implementing Contract No. 15-10/HD-LDP-ATG/2025 due to the contractor's failure to meet the commitments on progress and workload under the signed contract. At the same time, the Board of Directors assigned the Executive Board to carry out contract liquidation procedures and recover the advance of over VND 59.29 billion along with related payments.
Nhat Minh
