In the latest announcement, An Phat Holdings Joint Stock Company (stock code: APH) published a resolution by its Board of Directors regarding the acceptance of Mr. Nguyen Le Thang Long’s resignation from the position of Vice President, effective September 25, 2024, honoring his personal wishes.
Mr. Long (born in 1984), a Doctor of Materials Science, previously served as a production development specialist at Mobidiag France. In 2021, he was elected as the Vice President of APH, a member of APH’s Board of Directors, and the Vice Chairman of An Phat Green Plastic Joint Stock Company (stock code: AAA). Since June 2022, he has been the Chairman of AAA’s Board of Directors.
Earlier in September, APH also received the resignation of Mr. Pham Anh Duong from his position as Chairman of the Board of Directors and his role as a member of the Board. According to his resignation letter, Mr. Duong cited personal reasons for his decision. Prior to submitting his resignation, Mr. Duong had registered to sell his entire stake of nearly 12 million APH shares, equivalent to 4.87% of An Phat Holdings’ capital.
In October, An Phat Holdings is expected to hold an extraordinary general meeting. The company plans to present to its shareholders proposed changes to its business lines, amendments to its charter, and other matters for approval at the upcoming meeting. More details will be announced by the company in the coming days.
In the market, APH shares closed at VND 6,470 per share on September 25, hovering around a two-year low since November 2022. Its market capitalization stands at approximately VND 1,600 billion.
Regarding financial performance, for the first six months of the year, An Phat Holdings reported a 10% year-on-year decrease in revenue, amounting to VND 6,640 billion. However, its after-tax profit surged by 438% to VND 242 billion. This year, the company targets an after-tax profit of VND 314 billion, representing a 43% increase compared to the previous year’s performance. Thus, the company has accomplished 77% of its annual profit plan.
What’s Happening at An Phat Holdings?
A recent spate of insider selling and the Chairman’s abrupt resignation have left An Phat Holdings in a state of flux. As top executives offload their shares en masse and the company’s leadership undergoes a sudden transition, questions abound about the future direction of this conglomerate.
The An Phat Holdings (APH) Conundrum: Chairman Phạm Ánh Dương’s Sudden Stock Sell-Off and Resignation, Followed by a Rush of Insider Selling
An Phat Holdings has seen significant changes in its upper management as the company prepares for its upcoming 2024 Extraordinary General Meeting.
The Green Revolution: An Phat Holdings and Nhua An Phat Xanh Adjust Business Strategies
Although An Phat Holdings and Nhua An Phat Xanh achieved 86% and 75% of their full-year plans, respectively, in the first six months, the companies have decided to adjust their 2024 profit plans downward by 10.5% and 16.7%, respectively, from the business plans approved by the General Meeting of Shareholders.
