On August 12, two securities companies announced the sale of millions of DIG shares previously held by the late Chairman of the Board of Directors of DIC Corp, Nguyen Thien Tuan. Specifically, Shinhan Securities disclosed the sale of 2.35 million DIG shares to cover loans. Meanwhile, Mirae Asset Securities (Vietnam) sold nearly 3 million units out of the registered 4.7 million units. Thus, the two companies sold a total of approximately 5.3 million DIG shares.
At the close of the trading session on August 12, DIG shares fell nearly 4% to VND 22,300/share. During the session, the stock even hit the daily lower limit. The market price of DIG has declined by 32% since the beginning of April. If the downward trend persists, it is likely that DIC Corp’s shareholders will face further forced sales.
On the morning of August 11, DIC Corp announced the passing of Mr. Nguyen Thien Tuan at his residence. Prior to his demise, the entrepreneur held 46.8 million DIG shares, equivalent to 7.7% of the company’s capital, making him the second-largest shareholder. After the forced sales by the securities companies, Mr. Tuan’s remaining stake stands at over 40 million shares.
Mr. Nguyen Thien Tuan was born in 1957 in Thanh Hoa province and held a master’s degree in economics. He began his career at the age of 21 and, after a decade of hard work, rose through the ranks to become the director of a hospitality unit under the Ministry of Construction in 1990.
In 2008, DIC, which was previously a unit under the Ministry of Construction, was equitized and became the Joint Stock Corporation for Investment and Construction Development (DIC Corp). Concurrently, its charter capital was increased to VND 370 billion, and it had over 30 member companies.
At that time, Chairman and General Director Nguyen Thien Tuan represented 32.5% of state capital in DIC Corp. In August 2009, the company officially listed on the stock exchange with the code DIG.
Mr. Nguyen Thien Tuan led and managed DIC Corp, guiding the company through remarkable growth and establishing a solid foundation for DIG’s sustainable development.
Over its 34 years of establishment and development under Mr. Nguyen Thien Tuan’s leadership, DIC Corp made significant strides and became one of the renowned real estate enterprises in Vietnam. The company currently owns several large-scale projects.
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