Homestar Investments was established on February 5, 2015, with a primary business of wholesale of metals and metal ores, and a charter capital of VND 1 billion. Subsequently, in December 2018, its charter capital surged to VND 426 billion. At that time, Mr. Bui Quang Tuan was the Chairman and legal representative of the company.
After the capital increase, in August 2019, Homestar Investments moved its headquarters from 88 Lang Ha, Dong Da District to TNR Building (now ROX Tower – the headquarters of ROX Group, formerly known as TNG Holdings Vietnam) at 54A Nguyen Chi Thanh, Dong Da District, Hanoi.
A month later (September 2019), Mr. Mai Thanh Chung took over as Chairman and legal representative of Homestar Investments. According to its website, Rox Key is one of the member units of ROX Group.
Source: ROX Group
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Regarding the connections, Mr. Tran Xuan Quang – Chairman of the Board of Directors of TN1 (currently owning nearly 91 thousand TN1 shares, accounting for 0.18%) is also the General Director of ROX Group.
 Source: ROX Group
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TN1 has a new CEO
In another development, the Board of Directors of TN1 approved the dismissal of Mr. Bui Quoc Khanh from the position of General Director (Mr. Khanh still maintains his role as a member of the Board of Directors of TN1) and appointed Mr. Nguyen Van Hiep as the new General Director from June 18, 2024.
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Mr. Nguyen Van Hiep, born in 1983, has nearly 20 years of experience in the field of finance and business administration. Prior to joining TN1, Mr. Hiep was the Deputy Director of Strategy Division at MSB Bank and Chairman of the Board of Members of TNEX Finance Company Limited. |
Earlier, on May 28, Rox Key appointed Mr. Hoang Minh Tuan as Chief Financial Officer and Accountant; at the same time, dismissed Ms. Nguyen Thi Kim Lien from these positions from May 27.
The leadership change at Rox Key took place towards the end of last year when several members of the Board of Directors resigned, including the former Chairwoman of the Board, Ms. Nguyen Thu Trang, Vice Chairman Nguyen Viet Son, and Board member Phan Anh Son. All resigned for personal reasons or personal business. Mr. Phan Anh Son is currently the Vice President of ROX Group.
TNS Holdings is about to undergo a major leadership change
Regarding this issue, Rox Key stated that the company’s good performance attracted the attention of high-quality personnel. In terms of human resources, Rox Key always focuses on building and developing a capable team of successors who are ready to take on responsibilities when needed.
In addition, Rox Key affirmed that the selected individuals to accompany the company’s leadership are excellent personnel with experience and high qualifications in management and have a long-standing relationship with the company. Therefore, there is no impact on the company’s business operations or continuity in the management of Rox Key.
Reduction in capital contribution to a subsidiary
Regarding its subsidiaries, on June 7, TN1 announced the extension of a loan of up to VND 100 billion to TN Property Management Joint Stock Company (a subsidiary of TN1 with a 99.62% ownership stake) for a period not exceeding 24 months from June 9, 2024, with a minimum interest rate of 8% per annum.
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According to the resolution of the Board of Directors on June 8, 2023, TN1 approved a loan of up to VND 100 billion to its subsidiary Property Management, with a minimum interest rate of 8% per annum and a maximum loan term of 12 months. TN1 has just replaced several leaders and lent more than VND 200 billion to three subsidiaries |
Earlier, on June 5, the Board of Directors of Rox Key approved a reduction in capital contribution to SOJO Hotel Consulting and Management Joint Stock Company (a subsidiary of TN1 with a 99.95% ownership stake) from nearly VND 100 billion (TN1’s registered contribution on February 21, 2024) to nearly VND 1 billion, due to TN1’s change in business plan.
TN1 spends nearly VND 100 billion to establish a subsidiary for hotel management
In terms of business performance, TN1 set its 2024 targets with net revenue of VND 960 billion, a slight decrease of 2% compared to 2023; however, profit after tax is estimated at VND 66 billion, up 30%. The expected dividend ratio is 15%.
| TN1’s Financial Statements from 2019-2023 |
In the first quarter of the year, Rox Key recorded net revenue of nearly VND 203 billion, a decrease of 4% compared to the same period last year; while profit after tax was nearly VND 6 billion, down 62%. With these results, TN1 achieved 21% and 9% of its full-year plan, respectively.
Thanh Tu
GVR loses lawsuit against hydroelectric company, will have to refund over 141 billion VND
This is the deposit amount of Dak R’Tih Hydropower Joint Stock Company to purchase the entire 5-share stock batch of hydropower companies owned by Vietnam Rubber Industry Group (HOSE: GVR) and its subsidiaries under the 2016 transfer agreement.
Land-related violations result in a $600 million fine for DHA
DHA has occupied a total of 21,376.4 square meters of agricultural land that is not used for rice cultivation, specialized forest land, protective forest land, or production forest land in urban areas. Additionally, it has occupied 14,965.5 square meters of agricultural land used for rice cultivation and production forest land in urban areas. Furthermore, it has occupied 4,706.1 square meters of non-agricultural land in urban areas. All of the occupied land is located in Tam Phuoc and Phuoc Tan wards, Bien Hoa city.
TNS Holdings rebrands as ROX Key Holdings
On February 27, 2024, TN1 Corporation (stock symbol: TN1) officially announced the rebranding of the company to ROX Key Corporation (ROX Key). This rebranding brings a new chapter and is expected to propel ROX Key to new heights in its various areas of operation.
