Large shareholders absent, Viet Tin Securities fails to hold extraordinary shareholders’ meeting

Specifically, according to the meeting minutes, the Company has 3 shareholders representing 13.8 million shares. However, only 1 shareholder, Ms. Hoang Ngan Ha, owns 6.9 million shares, accounting for 50% of the participating capital. This attendance rate is not a requirement under the law and the company’s charter, so this extraordinary general meeting cannot be held.

The meeting aims to present and approve content such as adding the title of director, the company’s draft charter.

As of January 12, 2024, the list of shareholders of VTSS includes Ms. Hoang Ngan Ha (owning 50%), Minh Thanh Travel Joint Stock Company (owning 49%), and Mr. Nguyen Duc Viet (owning 1%). The company has directly invited all 3 shareholders.

In 2023, VTSS continuously recorded fluctuations in shareholders.

On July 17, 2023, two institutional shareholders, Vietnam Land Company Limited (owning 25.22% of capital) and Viet Tin Financial Investment Joint Stock Company (9.9%), transferred all their owned capital to Mr. Nguyen Anh Dat. After the transaction, Mr. Dat owns 40.39% of VTSS capital.

Next, on October 18, Ms. Nguyen Xuan Nhi transferred her shares to the two remaining shareholders, Ms. Hoang Ngan Ha and Mr. Nguyen Anh Dat. After the transaction, Ms. Nhi only holds 1% of VTSS capital.

Regarding the relationship between these three shareholders, Mr. Dat and Ms. Ha are married, while Ms. Nhi is their daughter.

By December 7, 2023, Mr. Dat and Ms. Nhi are no longer shareholders of VTSS. The replacements are Minh Thanh Travel Joint Stock Company and Mr. Nguyen Duc Viet.

According to the research of the author, Minh Thanh Travel is a company related to Minh Thanh Dong Nai Joint Stock Company, the owner of the Minh Thanh Dong Nai project. This is a project related to the asset misappropriation case of Tran Qui Thanh, the Chairman of Tan Hiep Phat Mr. Thanh).

VTSS was established in 2006 with a charter capital of 50 billion VND. As of the end of 2023, the company’s charter capital is 138 billion VND. The company accumulated a loss of over 48 billion VND, deep into the owner’s equity. Total assets as of the end of 2023 are only over 90 billion VND.

Throughout 2023, the company only earned 2.4 billion VND in business activities, with 99% coming from brokerage revenue. After deducting brokerage and management costs, the company reported a loss of nearly 1.6 billion VND.

Yen Chi