In recent months, a series of energy companies have replaced their legal representative from Mr. Vu Quang Bao to other individuals. This shift in leadership has occurred across various energy sectors, including solar, wind, and hydroelectric power.
Mr. Vu Quang Bao
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For instance, on June 20th, at Phan Lam Energy Joint Stock Company, Mr. Vu Quang Bao, the Chairman of the Board of Directors, stepped down as the legal representative. The company now has only one representative, Mr. Vu Quang Nam, the General Director. Phan Lam Energy, established in May 2017, is the investor in the Phan Lam 2 solar power plant project in Binh Thuan province. The project boasts a land area of nearly 58.8 hectares, a capacity of 49 MWp, and a total investment of over VND 1,200 billion. In the first half of this year, Phan Lam recorded a profit of VND 8.2 billion, with equity capital of nearly VND 389 billion. In 2023, the company incurred a loss of VND 13.7 billion.
On June 25th, Hanbaram Wind Power Joint Stock Company changed its legal representative from Mr. Bao, the Chairman of the Board of Directors, to Mr. Tran Huy Hoang, the General Director. This company was once foreign-owned. When it was first established, its capital was approximately VND 4.5 billion, with Landville Energy Co., Ltd. (South Korea) holding 99.8%, Landville Energy Company Limited holding 0.1%, and Hanbaram Vietnam Pte. Ltd. (Singapore) holding 0.1%. In December 2020, the foreign ownership was reduced significantly as the company’s capital surged to VND 990 billion, with Landville Energy Company Limited of Vietnam increasing its ownership to 99.8%, while the two foreign shareholders each retained 0.1%. Hanbaram Wind Power is the investor in the Landville Ninh Thuan wind power project, with a capacity of over 140 MW.
On the same day, Gia Lai Wind Power Investment and Development Joint Stock Company, the investor in the Hung Hai Gia Lai wind power plant, also removed Mr. Bao, the Chairman of the Board of Directors, from its list of legal representatives, leaving only Mr. Vu Quang Nam, the General Director.
On June 27th, BB Power Holdings Joint Stock Company updated its legal representative to be Mr. Tran Huy Hoang, the General Director, removing Mr. Vu Quang Bao, the Chairman of the Board of Directors. BB Power Holdings was established on November 17, 2011, initially named Binh Minh Real Estate Management Joint Stock Company, and primarily engaged in real estate consulting and management services. The company subsequently changed its name to Sunrise Power Investment Joint Stock Company in late 2018 and then to its current name in August 2019. In July 2020, Mr. Bao, the Chairman of the Board of Directors, assumed the role of legal representative. In October 2021, the company increased its capital to VND 3,000 billion and appointed Mr. Hoang, the General Director, as an additional legal representative. BB Power Holdings is involved in the construction and development of renewable energy projects, including solar power plants such as My Son 1, My Son 2, Dam Tra O, Gio Thanh 1, Gio Thanh 2, Hong Phong 5.2, and Phan Lam 2; hydroelectric power plants such as Song Lo 2, Dakpsi 3, Dakpsi 4, and Dak Mi 1; and wind power plants such as BB Power Gia Lai and Hanbaram.
Also, on June 27th, Mr. Vu, the Chairman of the Board of Directors, was removed as the legal representative of Quang Duc Kon Tum Joint Stock Company, with Mr. Tran Huy Hoang, the General Director, taking his place. Established in 2007, Quang Duc Kon Tum is the investor in the Dak Mi 1 and Dak Mil 1A hydroelectric projects in Kon Tum province, with land areas of over 119 hectares and 23.7 hectares, respectively, and investment capital of VND 3,674 billion and VND 390 billion, respectively.
On July 2nd, BB Group Joint Stock Company changed its legal representative from two individuals, Mr. Vu Quang Bao, the Chairman of the Board of Directors, and Ms. Vu Thi Thoa, the General Director, to solely Ms. Thoa. Founded in April 2017, BB Group had an initial charter capital of VND 500 billion, of which Mr. Vu Quang Bao held 65% of the capital, Mr. Nguyen Tu Huy 20%, and Ms. Vu Thi Thu Hang 15%. Currently, the company’s charter capital is VND 3,000 billion.
On the same day, Vitasco Investment Joint Stock Company, a company specializing in the production of non-alcoholic beverages and mineral water, also changed its legal representative from Mr. Bao, the Chairman of the Board of Directors, to Ms. Thoa, the General Director. Vitasco Investment was established on December 11, 2015, with an initial capital of VND 80 billion, in which Mr. Bao contributed 75%, Ms. Hang 15%, and Mr. Huy 10%. The company has maintained its capital at this level until the present.
Vitasco’s beverage brands
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Another company that changed its legal representative from Mr. Vu, the Chairman of the Board of Directors, is BWB Joint Stock Company, with Ms. Hang, the General Director, taking on the role. Established on March 16, 2017, BWB operates in the production of malt and malted cereal for beer and owns the Victoria Craft Beer brand. Its initial charter capital was VND 50 billion, with the founding shareholders being Vital Joint Stock Company holding 65%, Minh Dien Vital Real Estate Joint Stock Company holding 20%, and Vitasco Investment Joint Stock Company holding 15%. Mr. Nguyen Tu Huy served as the General Director and legal representative until November 2018, when Mr. Doan Cong Anh took over. In August 2019, Mr. Vu, the Chairman of the Board of Directors, became the legal representative until July 2, 2024.
On July 3rd, BB CIM Holdings Joint Stock Company, a company engaged in mineral exploitation, reduced its number of legal representatives from two to one, with Mr. Vu Quang Bao, the Chairman of the Board of Directors, stepping down and Mr. Vu Quang Nam, the General Director, remaining as the sole representative. As of the latest update in March 2022, the company’s charter capital stood at VND 884 billion.
On July 5th, Landville Energy Limited Liability Company also reduced its number of legal representatives, with Mr. Vu Quang Bao, the Chairman of the Members’ Council, stepping down and Mr. Tran Huy Hoang, the General Director, becoming the sole legal representative. Established in 2020, Landville Energy is wholly owned by BB Power Holdings.
Additionally, on July 12th, Hoang Son Energy Investment Joint Stock Company and Hoang Son Energy Investment Joint Stock Company 2 changed their legal representative from Mr. Vu Quang Bao, the Chairman of the Board of Directors, to Mr. Vu Quang Nam, the General Director.
Most recently, on July 29th, Bach Dang Construction Joint Stock Company replaced its legal representative from Mr. Bao, the Chairman of the Board of Directors, to Mr. Duong Van Them, the General Director. According to the company’s website, Mr. Bao remains the Chairman of the Board of Directors, while Mr. Them is a Member of the Board of Directors and the General Director. Bach Dang has a long history, dating back to the Architecture Company in Hai Phong, established in 1958 under the Ministry of Construction. Over the years, it underwent several name changes and eventually operated as a joint-stock company in July 2014. Its main business activities include the construction of industrial, civil, transportation, and urban infrastructure projects, as well as mining, water and land transportation, investment consulting, import-export, and real estate and construction material businesses.
It is worth noting that on July 2, 2024, Bach Dang passed a resolution to obtain the opinion of shareholders in writing to approve the change of legal representative mentioned above. In November 2020, Bach Dang’s registration for trading on the UPCoM market was canceled with the code BDC. The reason for this was that the company no longer met the conditions for being a public company due to a delay in publishing semi-annual financial statements for 2020 that had been audited, and it did not take corrective measures within 45 days as prescribed. As of the latest update on capital in September 2021, the company’s capital stood at over VND 517 billion.
Source: Bach Dang
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Apart from the aforementioned changes, Mr. Bao remains the legal representative and Chairman of Saigon Glory Limited Liability Company, TSS Investment Joint Stock Company, Hypro Power Dak Mi Limited Liability Company, HTV Sunrise Dak Psi Limited Liability Company, Saigon Poly Clinic Hospital Investment Project One Member Limited Liability Company, Tan Duc Mineral Exploitation One Member Limited Liability Company, and BBLand Joint Stock Company. He also serves as the General Director of Bitexco Energy Limited Liability Company and Bitexco Group Joint Stock Company.
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