On August 19, DIC Corp (stock code: DIC) announced that Mr. Nguyen Hung Cuong has been elected as the new Chairman of the Board of Directors and legal representative of the company, effective August 16. Mr. Cuong succeeds Mr. Nguyen Thien Tuan, the former Chairman of DIC Corp, who passed away on August 10.
Mr. Nguyen Hung Cuong, born in 1982, holds a Bachelor’s degree in Construction Engineering and a Master’s degree in Business Administration. He is the son of the late entrepreneur Nguyen Thien Tuan and has a long association with DIC Corp.
From 2010 to 2012, Mr. Hung Cuong served as Director of the Thang Long Project Management Unit and concurrently as General Director of DIC Sport. He then became Deputy General Director of DIG from 2012 to 2017 and has been serving as Vice Chairman of the Board of Directors since 2018.
Mr. Cuong is currently the largest shareholder in DIC Corp, holding 62 million DIG shares, representing a 10.16% stake. This translates to a net worth of approximately VND 1,500 billion based on the share price as of August 19.
In terms of financial performance, DIC Corp reported doubled revenue in the first half of the year to VND 822 billion. However, due to a decrease in financial income and a significant increase in operating expenses, net profit fell to just under VND 4 billion, a 95% decrease compared to the same period last year.
The real estate company aims to achieve consolidated revenue of VND 2,300 billion, a 72% increase, and a pre-tax profit target of VND 1,010 billion, six times higher than the previous year. Thus, DIC Corp has completed 26% of its revenue plan and less than 5% of its profit target for the full year.
DIC Corp successfully raises 600 billion VND from bonds at an interest rate of over 11% per year
DIC Corp’s board of directors is also considering issuing private bonds with a maximum total value of 2.1 trillion dong.
DIC Corp successfully raises 600 billion dong in bonds with an interest rate of 11.25% per annum.
DIG is pleased to announce the release of bond code DIGH2326001, with a maturity period of 3 years, issued on December 29, 2023 and due on December 29, 2026. The issued face value is 600 billion VND with an interest rate of 11.25% per annum.
