Taking the Reins
Mr. Nguyen Hung Cuong, Chairman of the Board of Directors of Total Investment and Development Corporation Construction (DIC Corp – stock code: DIG), announced that he has received more than 11 million shares out of nearly 20.8 million inherited shares (equivalent to 53%) from the late Chairman Nguyen Thien Tuan.
Mr. Nguyen Hung Cuong has received an additional 11 million DIG shares.
The transfer did not go through the trading system at the stock exchange. The acquisition of these shares took place over an extended period, from October 21 to November 19. Mr. Cuong’s more than 11 million DIG shares are estimated to be worth over VND 226 billion. His ownership stake in DIG has increased to 11.96% of capital, equivalent to nearly 73 million shares.
Mr. Cuong explained that he has not been able to receive the entire inheritance of nearly 20.8 million shares because the transfer procedure is still in progress. According to the plan, if he were to receive the entire inheritance, his ownership stake would increase to 13.56% of DIG’s charter capital, equivalent to over 82.7 million shares.
Mr. Cuong is the son of Mr. Nguyen Thien Tuan, the late Chairman of the Board of DIC Corp. Mr. Cuong was serving as Vice Chairman of the Board when he was elected Chairman and legal representative of the company following his father’s passing in August. Mr. Nguyen Hung Cuong is a second-generation entrepreneur, inheriting the family business.
Other businesses are also witnessing a trend of passing down substantial assets in the form of shares to the second generation .
For instance, at Novaland Group (stock code: NVL), Mr. Bui Cao Nhat Quan, son of Mr. Bui Thanh Nhon, Chairman of the Board of NVL, currently holds no position in the family business but directly owns more than 78.2 million NVL shares (equivalent to 4.01% of capital).
Mr. Bui Cao Nhat Quan directly owns over 78.2 million NVL shares.
Similarly, Ms. Dang Nguyen Quynh Anh, daughter of Mr. Dang Thanh Tam, Chairman of the Board of Directors of Kinh Bac City Development Holding Corporation (stock code: KBC), serves as a member of the Board of Directors of KBC and holds more than 13.3 million KBC shares (equivalent to 1.74% of capital).
In late October 2023, Mr. Tran Dinh Long, Chairman of the Board of Directors of Hoa Phat Group Joint Stock Company (stock code: HPG), and Ms. Vu Thi Hien (Mr. Long’s wife) sold nearly 43 million HPG shares to their son, Tran Vu Minh, in a negotiated deal. Following the transaction, Mr. Minh’s holdings of HPG shares increased to nearly 134 million units (equivalent to 2.3% of capital).
A Prominent Trend in the Banking Sector
The banking sector is currently witnessing a transition in leadership to the second generation . With substantial shareholdings, many heirs now hold assets worth thousands of billions of dong.
For example, Mr. Do Quang Vinh, Vice Chairman of the Board of Directors of SHB Bank (stock code: SHB) and Chairman of Saigon-Hanoi Securities Joint Stock Company (stock code: SHS), holds over 101 million SHB shares (equivalent to 2.77% of capital). Mr. Vinh is the eldest son of Mr. Do Quang Hien, Chairman of SHB.
Mr. Do Quang Vinh holds over 101 million SHB shares.
Mr. Do Vinh Quang, the youngest son of Mr. Hien, serves as Chairman of T&T Group and Chairman of Hanoi Club. While he does not hold any position at SHB, he owns more than 107 million shares, equivalent to 2.93% of capital.
Mr. Ho Anh Minh, son of Mr. Ho Hung Anh, Chairman of the Board of Techcombank (stock code: TCB), holds 172 million TCB shares, or 4.89% of capital.
One of Mr. Ho Hung Anh’s daughters, Ms. Ho Thuy Anh, born in 2001, owns 172 million TCB shares. In September 2023, Ms. Ho Thuy Anh made headlines when she purchased 82 million TCB shares worth approximately VND 2,900 billion, increasing her ownership stake to 2.97% of the bank’s charter capital.
Another daughter of Mr. Ho Hung Anh, Ms. Ho Minh Anh, holds 72 million shares, equivalent to 2.05% of TCB’s charter capital.
Meanwhile, Mr. Trinh Van Tuan, Chairman of the Board of Directors of OCB Bank (stock code: OCB), has four daughters: Trinh Thi Mai Anh (born in 1992), Trinh Mai Linh (born in 1996), Trinh Mai Phuong Paula (born in 1998), and Trinh Mai Van (born in 2003).
Ms. Trinh Thi Mai Anh, the eldest daughter of Mr. Trinh Van Tuan, joined the Board of Directors of OCB in 2020. She currently holds over 60 million OCB shares, equivalent to 2.94% of capital. Two other daughters of Mr. Tuan, Trinh Mai Linh and Trinh Mai Van, own OCB shares with ownership stakes of 4.27% and 3.75%, respectively. Meanwhile, Ms. Trinh Mai Phuong Paula does not own any OCB shares.
At VPBank (stock code: VPB), Ms. Ngo Minh Phuong, daughter of Mr. Ngo Chi Dung, Chairman of the Board of VPBank, holds nearly 11 million VPB shares. Mr. Ngo Chi Trung Johnny, son of Mr. Dung, currently holds 70 million VPB shares.
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The KIM Vietnam Fund Management Company Ltd. has increased its holdings in CTD by purchasing an additional 550,000 shares, bringing their total ownership to 7.18%. In a separate transaction, Mr. Bolat Duisenov, Chairman of the Board, acquired 200,000 CTD shares, taking his personal stake to 1.57%.
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Individual investors today bought a net amount of 353.8 billion VND, of which 603.9 billion VND was net bought in matched orders.
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