The Board of Directors of Hoa Binh Construction Joint Stock Company (HBC) has announced the resignation of Mr. Nguyen Hung Cuong from his position as Deputy General Director, effective September 21, 2024. This decision respects Mr. Cuong’s personal wishes.
Mr. Cuong, born in 1981, holds a Bachelor’s degree in Construction Engineering and a Master’s degree in Construction Management from the Asian Institute of Technology (AIT). He joined HBC in 2007 as a construction engineer and quickly rose through the ranks, becoming a site commander in 2008.
His dedication and expertise were recognized again in 2014 when he was promoted to Project Director, a position he held until April 2019. Mr. Cuong then served as Deputy General Director of Hoa Binh Construction before his recent resignation. With this departure, Mr. Cuong concludes a remarkable 17-year journey with the company.
Mr. Nguyen Hung Cuong. Photo: HBC
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Following Mr. Cuong’s departure, the HBC Board of Directors now comprises five members, including Mr. Le Van Nam as General Director and Member of the Board, Mr. Le Viet Hieu as Deputy Chairman and Deputy General Director (son of Chairman Le Viet Hai), and three other Deputy General Directors: Mr. Dinh Van Thanh, Mr. Nguyen Khanh Hoang, and Mr. Le Van Vien.
Mr. Cuong’s resignation comes at a time when HBC’s stock has recently been delisted from the Ho Chi Minh Stock Exchange (HoSE) as of September 6, 2024, and transitioned to trading on the UPCoM exchange starting September 18, 2024, with a reference price of VND 5,700 per share on the first trading day.
The delisting of HBC’s stock was a result of the company’s accumulated losses exceeding its chartered capital, as per the audited financial statements for 2023.
HNG and HBC resume trading on UPCoM from September 18
On September 24, HBC’s stock price continued its downward trend, trading around VND 5,400 per share during the fifth session, representing a decline of over 5% compared to the first trading day on UPCoM. The average trading volume during this period exceeded 1.5 million shares per session.
| HBC’s stock price continues to decline after moving to the UPCoM exchange on September 18 |
In the first half of 2024, HBC reported impressive financial results with a revenue of over VND 3,800 billion, a 10% increase compared to the same period last year. The company also turned a profit, with a net income of VND 829 billion, compared to a loss of VND 711 billion in the previous year.
This improvement in profitability was attributed to gains from the transfer of investments in subsidiaries and associated companies, as well as increased interest income from deposits and loans, coupled with reduced borrowing costs.
HBC’s audited net profit increases by VND 89 billion, with significant changes in inventory
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