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According to Viconship, Mr. Cáp Trọng Cường wishes to resign as CEO for personal reasons. At the same time, the company has appointed Mr. Tạ Công Thông, a member of the Board of Directors and Marketing Director, to replace Mr. Cường.
Mr. Tạ Công Thông, born in 1985, has a bachelor’s degree in international business. Before becoming the new CEO of VSC, he served as a member of the Board of Directors of the company since March 2021 and as Marketing Director since June 2022. Currently, he does not hold any VSC shares.
Mr. Thông holds positions in other organizations such as a member of the Board of Directors and Marketing Director of Greenport Vietnam Corporation (UPCoM: VGR); Chairman of the Board of Directors of Quang Binh – Đình Vũ Dry Port Corporation; Member of the Board of Directors of Đình Vũ Petroleum Services Port Corporation.
Mr. Cáp Trọng Cường, born in 1978, has been with Viconship for 20 years. After being relieved of his position as Operations Director, he was appointed CEO of the company in March 2023. However, less than 1 year in office, he resigned for personal reasons.
Despite stepping down as CEO, Mr. Cường will continue to serve as a member of the Board of Directors for the 2020-2025 term.
Currently, Mr. Cường holds 26,329 shares of VSC. Recently, he announced his intention to exercise all the rights to purchase shares in the offering to existing shareholders of the company from 02-29/02/2024. If successful, he will increase his ownership to 52,658 shares, equivalent to 0.02% of VSC’s charter capital.
After being approved by the SSC, VSC announced the sale of more than 133 shares to existing shareholders (implementation ratio 1:1) at a price of VND 10,000 per share. Through this offering, the company expects to raise nearly VND 1,334 billion.
According to the plan, VSC plans to spend VND 1,320 billion to receive a maximum of 44% of the charter capital of Nam Hai – Đình Vũ Port Co., Ltd. from existing contributing members at Nam Hai Đinh Vu Port. The remaining VND 14 billion will be used by Container Vietnam to supplement working capital.
| VSC stock price since the beginning of 2023 |
At the end of the session on 20/02, VSC stock price reached VND 22,900 per share, an increase of 17% compared to the beginning of the year. Temporarily compared to this price, the offering price of VSC shares is currently 56% lower.
Profits in 2024 hit a 15-year low
Reviewing the 2023 business results, VSC’s revenue increased by 9% compared to the same period to VND 2,181 billion, but net profit only reached VND 126 billion, a decrease of 60% mainly due to a sharp increase in interest expenses from VND 1 billion to VND 170 billion. This is also the lowest profit level in the past 15 years since 2009.
Starting from being debt-free, in Q4/2022, VSC started to increase borrowing for investment activities. At the end of 2023, the company recorded short-term borrowings of VND 119 billion and long-term borrowings of VND 1,446 billion. The company borrowed to acquire Nam Hai Đình Vũ Port from Gemadept (HOSE: GMD) and invest in the Hyatt Place Hải Phòng hotel project.
| VSC net profit from 2008-2023 |
