What’s Happening at An Phat Holdings?

Mr. Pham Anh Duong, Chairman of the Board of Directors of An Phat Holdings Joint Stock Company (stock code: APH), has announced the sale of 6.67 million APH shares out of the previously registered total of 11.87 million shares.

The transaction was executed through order matching from September 6-9 to September 24. The reason for not selling all shares was due to unfavorable market conditions.

Following this transaction, Mr. Duong’s ownership decreased from 11.87 million shares (4.87%) to 5.2 million shares (2.13%). Subsequently, Mr. Duong registered to sell the remaining shares he holds. The transaction is expected to be executed through order matching or negotiated deals from October 1 to October 30.

Along with the registration to sell all his APH shares, Mr. Pham Anh Duong also submitted his resignation as Chairman of the Board of Directors and as a member of the Board of An Phat Holdings due to personal reasons, preventing him from continuing his duties.

It is noteworthy that, in addition to Mr. Duong, several other executives of An Phat Holdings have also sold large quantities of shares recently, including Mr. Pham Do Huy Cuong, Member of the Board of Directors and General Director, who sold 750,000 APH shares; Ms. Nguyen Thi Tien, Permanent Vice Chairman of the Board of Directors and Deputy General Director, who sold 750,000 shares; Ms. Tran Thi Thoan, Deputy General Director in charge of production, who sold all 500,000 shares she held; and Ms. Hoa Thi Thu Ha, Deputy Director of Finance, who sold 500,000 shares.

According to our information, Mr. Pham Anh Duong started working at An Phat Holdings in 2002 as the Director of Anh Hai Duy Limited Company (now An Phat Xanh Plastic Joint Stock Company, stock code: AAA, a subsidiary of An Phat Holdings).

In March 2017, Mr. Duong was elected as Chairman of the Board of Directors of An Phat Holdings and continued in this position for the 2022-2027 term.

Regarding personnel matters, An Phat Holdings recently announced the resolution of the Board of Directors to accept the resignation of Mr. Nguyen Le Thang Long as Deputy General Director, effective September 25, due to his personal wishes.

Mr. Long was appointed as Deputy General Director and elected as a member of the Board of Directors of An Phat Holdings in 2021. Since June 2022, he has been serving as Chairman of the Board of Directors of An Phat Xanh Plastic Joint Stock Company.

Notably, the leadership’s simultaneous sale of APH shares occurs as the company prepares for an upcoming extraordinary general meeting in 2024. At this meeting, the Board of Directors will propose to shareholders the approval of changes in business lines, amendments to the company’s charter, and other matters.

In terms of business performance, for the first six months of 2024, An Phat Holdings recorded a revenue of VND 6,640 billion, a 10% decrease compared to the same period last year. However, its after-tax profit increased by 438%, reaching VND 242 billion. The company attributed the surge in profit to reduced borrowing costs, stable resin prices, improved business and trading efficiency, and favorable exchange rates, which boosted financial income.

On the stock market, APH shares have declined by over 40% since the beginning of June, falling to VND 6,440 per share, the historical low for this stock code, with a market capitalization of less than VND 1,600 billion, significantly lower than its charter capital of over VND 2,400 billion. The stock currently remains on the warning list of the Ho Chi Minh Stock Exchange (HoSE).