The Transimex Boss Becomes Chairman of Garmex Saigon.

The Board of Directors of Garmex Saigon Joint Stock Company (HOSE: GMC) has announced the appointment of Mr. Le Van Hung as the new Chairman of the Board for the term 2024-2029, effective July 5, 2024. Mr. Hung, an independent member of the Board, brings a wealth of experience and expertise to his new role, having previously served as a valued member of the company's management team.

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Mr. Le Van Hung

Mr. Le Van Hung, born in 1975, holds a Bachelor’s degree in Accounting. Since May 2021, Mr. Hung has served as an Independent Member of the Board of Directors of Garmex, nominated by Thien Hai Investment and Trading Joint Stock Company – a major shareholder owning 15.86% of GMC‘s capital.

Mr. Hung is also introduced as the Chief Financial Officer of Transimex Joint Stock Company (HOSE: TMS) since 2018. In addition, he is currently the Chairman of the Board of Directors of Ben Thanh Service Joint Stock Company (HNX: BSC); Member of the Board of Directors of Thuy Dac San Joint Stock Company (UPCoM: SPV), Vinafreight Joint Stock Company (HNX: VNF), Central Transport and Transport Joint Stock Company (UPCoM: VMT), and Phu Nhuan Trading Joint Stock Company (UPCoM: PNG); and Member of the Supervisory Board of Cholimex Import-Export and Investment Joint Stock Company (UPCoM: CLX).

The Garmex Board of Directors for the term 2024-2029 currently consists of four members from the previous term: Mr. Le Van Hung (Chairman of the Board and Independent Member of the Board of Directors), Mr. Nguyen Viet Cuong, Mr. Bui Minh Tuan, Mr. Nguyen Tran Anh Minh, and one new member, Ms. Nguyen Thi Diem My, nominated by Giditex Garment Joint Stock Company.

The Supervisory Board of Garmex for the term 2024-2029 includes Mr. Mai Thanh Tol, Mr. Tu Vi Tri, and Ms. Tran Thi Thu Yen. Mr. Tu Vi Tri was elected as the Chairman of the Supervisory Board of the Company from July 2, 2024.

Regarding the 2024 remuneration plan, the Chairman of the Garmex Board of Directors is expected to receive VND 6 million/month, and the Members of the Board of Directors are to receive VND 5 million/person/month. The Supervisory Board, including the Chairman, will receive VND 4 million/month, while the Members will receive VND 2.4 million/person/month.

Garmex Saigon was once a leading garment export company in Ho Chi Minh City, employing thousands of workers. However, by the end of 2023, the company had reduced its workforce to just 35 people after cutting more than 1,800 jobs due to continued losses.

“The company’s business plan is heavily dependent on the sale of assets, and the traditional garment industry has yet to receive any orders”, a representative of Garmex shared. They added that if the asset liquidation and debt collection go smoothly, the company could retrieve about VND 300 billion, making the plan to profit VND 50 billion entirely feasible. There is hope that in the third and fourth quarters of 2024, the company will be able to collect its debts.

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