Mr. Thanh has requested the approval of the General Meeting of Shareholders and the Supervisory Board of Loc Troi for his resignation, effective September 6, 2024.
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Mr. Tieu Phuoc Thanh, born in 1988, holds a Bachelor’s degree in Economics and joined Loc Troi in 2010 as Deputy Chief Accountant of the Grain Industry. He is currently the Head of the Supervisory Board of Loc Troi Agricultural Products Joint Stock Company, an important subsidiary of Loc Troi.
In addition, he also chairs the Board of Directors at Hiêu Nhân High-Tech Agriculture Joint Stock Company, Dai Tai High-Tech Agriculture Joint Stock Company, and Hung Phuoc Grain Joint Stock Company. These are all associated companies of Loc Troi, with ownership ranging from 46% to 48%.
Prior to Mr. Thanh’s resignation, on July 22, Ms. Nguyen Thi Thuy, a member of the Loc Troi Supervisory Board, also resigned. As a result, the Loc Troi Supervisory Board now only includes Chairman Uday Krishna.
In just under two months, Loc Troi has experienced continuous changes in its senior leadership structure. Most recently, on August 22, Mr. Johan Sven Richard Boden, a member of the Loc Troi Board of Directors, resigned for personal reasons. Notably, Mr. Johan Boden had only been elected to the Board of Directors since June 26, serving for just two months.
Previously, in mid-July 2024, the Loc Troi Board of Directors announced the dismissal of Mr. Nguyen Duy Thuan from his position as General Director. In an open letter, Chairman of the Board, Mr. Huynh Van Thòn, stated that he would directly lead and manage the company’s operations until a new General Director is appointed.
Mr. Thòn also committed to fulfilling all responsibilities and obligations to management agencies, partners, banks, distributors, and farmers once the personnel situation stabilizes and efficient production and business operations resume.
As of now, Loc Troi has not yet published its Q2/2024 and semi-annual 2024 financial statements. In its latest announcement, the company requested an extension due to its inability to overcome force majeure events.
In Q1/2024, Loc Troi reported a net loss of nearly VND 97 billion, an increase from the loss of VND 81 billion in the same period last year and far from the profit target of VND 50 billion set for 2024.
By Thế Mạnh
“The Masterful Exit: Mr. Pham Anh Duong Steps Down as Chairman of An Phat Holdings”
Prior to his resignation, Pham Anh Duong registered to sell his entire holding of 11.87 million APH shares, equivalent to 4.87% of An Phat Holdings’ stake.
