“The Masterful Exit: Mr. Pham Anh Duong Steps Down as Chairman of An Phat Holdings”

CTCP Tập đoàn An Phát Holdings (APH) recently announced the resignation of its Chairman, Mr. Phạm Ánh Dương, who also stepped down from his role as a member of the Board of Directors. In his resignation letter, Mr. Dương cited personal reasons for his decision to step down from his duties.

Mr. Dương’s journey with An Phát Holdings began in 2002 as the Director of Anh Hai Duy Co., Ltd. (now known as An Phát Green Plastic Joint Stock Company, a subsidiary of An Phát Holdings). In March 2017, he was officially appointed as the Chairman of An Phát Holdings and continued in this role for the 2022-2027 term.

Prior to his resignation, Mr. Dương registered to sell his entire holding of 11.87 million APH shares, equivalent to 4.87% of An Phát Holdings’ capital. The sale was intended for portfolio restructuring, and the transaction was expected to be conducted through matching or negotiated deals from August 27 to September 25, 2024. If successful, Mr. Phạm Ánh Dương would no longer hold any APH shares.

Several other key leaders at An Phát Holdings also planned to sell significant amounts of their shares. Mr. Phạm Đỗ Huy Cường, a member of the Board of Directors and the General Director, registered to sell 750,000 shares out of his total holding of 1.875 million APH shares. Ms. Trần Thị Thoản, Vice President of Production, intended to sell all of her 500,000 shares, and Ms. Nguyễn Thị Tiện, Vice Chairman of the Board of Directors and Vice General Director, planned to sell 750,000 shares out of her total holding of 875,000 shares. These transactions were scheduled to take place between August 23 and September 20, 2024, through matching or negotiated deals, with the purpose of investment portfolio restructuring.

Interestingly, these leadership transactions occurred as An Phát Holdings prepared for its upcoming Extraordinary General Meeting in 2024. The company planned to seek shareholder approval for changes in its business lines, amendments to its charter, and other matters. Further details were expected to be announced by the company in the coming days.

In the market, APH shares plunged to their floor price during the session on September 6, 2024, reaching 6,700 VND/share, the lowest level in nearly two years since November 2022. Compared to its peak in mid-2021, the stock has lost nearly 90% of its value. The corresponding market capitalization stands at over VND 1,600 billion.

For the second quarter of 2024, An Phát Holdings reported stable revenue of VND 3,252 billion, on par with the same period last year. After expenses, the company’s after-tax profit surged to VND 109 billion, an impressive eleven-and-a-half times higher than in the second quarter of 2023.

In the first half of 2024, An Phát Holdings’ revenue reached VND 6,640 billion, a 10% decrease year-on-year. However, its after-tax profit increased significantly by 438%, reaching VND 242 billion. This year, the company aims for an after-tax profit of VND 314 billion, a 43% increase compared to 2023. Thus, An Phát Holdings has already achieved 77% of its full-year profit plan.