In his resignation letter, Mr. Tuong cited “personal reasons” and requested that the General Meeting of Shareholders and the Board of Directors of VTH approve his resignation.
Mr. Nguyen Duc Tuong – Founder and Chairman of Duc Tuong Corporation, Chairman of the Board of Directors of Vietnam Thai Electric Cable Joint Stock Company
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In addition to his role as Chairman of VTH, Mr. Nguyen Duc Tuong is also known as the founder and chairman of Duc Tuong Corporation. He was appointed as Chairman of the Board of VTH on March 2, 2021. After more than three years with the company, Mr. Tuong has officially stepped down from his position.
Prior to his resignation, Mr. Tuong had registered to sell all of his shares in the company between August 8 and September 5. Specifically, he registered to sell his entire holding of more than 2.6 million shares, representing 33.16% of the capital.
Previously, Mr. Nguyen Duc Manh, a member of the Board of Directors of VTH and Mr. Tuong’s son, had also sold all of his 1.3 million shares in VTH, representing 16.22% of the company’s capital, between July 29 and August 1. Based on the closing price of VTH shares on August 1 of VND 7,700 per share, Mr. Manh could have potentially earned VND 10 billion.
If the share sale is successful, Mr. Tuong and his son will no longer hold more than 49% of the company’s capital.
As the Chairman of VTH resigns and intends to divest, the company’s major shareholder structure also undergoes changes.
As a result, Mr. Tran Cao Cuong officially became a major shareholder of VTH as of August 1, with his ownership increasing to 16.22%, equivalent to 1.3 million shares, following the purchase of 891,750 VTH shares.
| VTH’s Semi-Annual Net Profit in 2024 |
In terms of business performance, in the first half of this year, VTH‘s net revenue increased by over 20% compared to the same period last year, reaching over VND 221 billion. However, the faster growth in cost of goods sold compared to revenue led to a slight decline in net profit, which stood at nearly VND 3 billion, a decrease of 4%.
For the full year 2024, VTH is optimistic about its financial targets, aiming for a 67% increase in pre-tax profit to VND 13.9 billion. The company also expects a 15% rise in revenue to VND 588 billion, with a projected dividend payout ratio of 5%.
With the results from the first half of the year, VTH has achieved 38% of its revenue target and 26% of its profit target for the year.
