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Luong Tri Thin steps down as Chairman of DXS
According to a document from the Office of the Investigation Police Agency under the Ho Chi Minh City Police sent to the Economic Police Department of Ho Chi Minh City Police, Mr. Nguyen Xuan Trieu, representing 15 investors and owners of 448 bonds (equivalent to VND 44.8 billion) issued by Real Estate Service Joint Stock Company (HOSE: DXS) – where Mr. Do Van Manh serves as General Director and Luong Tri Thin as Chairman of the Board of Directors, has filed a complaint against DXS for allegedly misappropriating the aforementioned amount through the offering of the MNRCH2123001 bond lot.
These individuals claimed that DXS failed to fulfill its commitments regarding the funds invested during the bond issuance.
In a request for verification, investigation, and handling sent to the Ho Chi Minh City Police on July 05, DXG affirmed that the content of Mr. Trieu’s accusation was completely false. The company stated that DXS did not issue any bonds with the code MNRCH2123001 as mentioned by Mr. Trieu. Instead, the issuer of this bond lot was Southern Land Real Estate Investment and Service Joint Stock Company (Southern Land Real Estate). Furthermore, Mr. Manh is not the General Director, and Mr. Thin is not the Chairman of the Board of Directors of DXS, contrary to the information provided in the complaint.
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On December 28, 2022, DXS completed the transfer of nearly 16% of its capital in Southern Land Real Estate, reducing its ownership to 49%. The MNRCH2123001 bond lot was issued and completed by Southern Land Real Estate on March 28, 2022. |
DXG stated that Southern Land Real Estate is an associated company of DXS, with a current holding of 49%. On June 28, 2024, DXG issued a decision to revoke the right to use the “Southern Land Real Estate” brand and trademark to prevent negative market information from affecting the “Dat Xanh” brand due to violations of agreements by an associated unit.
DXG requested the investigative agency to verify, investigate the truth, and provide appropriate guidance and intervention.
Subsequently, DXS posted on its official website that from the time of its initial public offering in 2021 until the present, the company has never offered any corporate bonds to investors.
“Real Estate Service Joint Stock Company is a public company, and any bond or security offering must comply with regulations on procedures and public disclosure of information on its website, https://datxanhservices.vn. Therefore, Real Estate Service Joint Stock Company did not issue any bonds with the code MNRCH2123001, and we affirm that this information is false,” DXS stated in a press release on July 08.
In May 2024, the SSC issued a decision to fine Southern Land Real Estate Investment and Service Joint Stock Company, represented by Mr. Do Van Manh, its General Director, VND 85 million for failing to submit information disclosure documents to the Hanoi Stock Exchange (HNX) regarding the bond issuance.
Source: HNX
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Following the news about the alleged bond issue, DXS stock on the stock market fell to its floor price of VND 6,590 per share after 10:30 am and remained there until the afternoon session of July 08. Additionally, the trading volume reached over 6.5 million shares at 13:27, the highest since the beginning of June 2024.
| Price movement of DXS stock since the beginning of June 2024 |
DXG stock also witnessed a decline, recording a 4.33% decrease as of 13:28, with a trading volume of over 21.9 million shares, the highest since the beginning of May 2024. This was the first red session for DXG since July 03, following the news of Luong Tri Thin‘s departure from his position as Chairman of the Board of Directors of DXG to take on a new role as Chairman of the Group’s Strategic Council.
| Price movement of DXG stock since the beginning of May 2024 |
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According to the Hanoi Stock Exchange (HNX), the MNRCH2123001 bond lot was issued by Southern Land Real Estate Investment and Service Joint Stock Company on December 31, 2021, with a value of VND 150 billion and a maturity date of December 31, 2023. The registrar and depository was Wall Street Securities Joint Stock Company. The interest rate from the issuance date up to but excluding the date of 12 months from the issuance date was 12%/year, and the interest rate from the date of 12 months from the issuance date up to but excluding the maturity date was 12.5%/year. The collateral for this bond lot was 6.81 million shares of Southern Land Real Estate owned by Mr. Do Van Manh, Mr. Vu Van Thang, and Mr. Le Van Han. |
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