The Sudden Passing of the Chairman of a Listed Company on HoSE Right Before an Extraordinary General Meeting

The Passing of Mr. Lưu Đình Tuấn, Chairman of the Board of Directors of 911 Corporation

On November 23, 2024, 911 Group Joint Stock Company (code: NO1) announced the passing of Mr. Lưu Đình Tuấn, Chairman of the Board of Directors and Legal Representative, on November 22, 2024.

The 911 Group had planned to hold an extraordinary general meeting of shareholders on November 23, 2024. Notably, the agenda included the Board of Directors seeking shareholder approval for a contract with VinFast to purchase vehicles and lease battery services. The expected value of the contract is 500 billion VND, with the expected execution in the second quarter of 2025.

Previously, on October 21, 2024, the 911 Group published a resolution of the Board of Directors on signing a contract with VinFast to purchase vehicles and lease battery services worth nearly 45 billion VND. The execution time was set for the fourth quarter of 2024.

On October 26, 2024, the 911 Group signed a memorandum of understanding with GSM for the lease and purchase of 2,200 VinFast electric vehicles, with the goal of establishing the “911 Taxi” brand. According to the agreement, GSM will deliver the first 200 cars to the 911 Group in the fourth quarter of 2024, and the remaining vehicles will be delivered by the end of 2025.

911 Group, formerly known as 911 Foundation Equipment Joint Stock Company, was established on March 22, 2011. The group primarily operates in the field of trading construction equipment, concrete mixing stations, forklifts, etc. They import products from countries like South Korea, Japan, and China, featuring renowned brands such as XCMG, Zton, and Ep Equip.

In a meeting with 70 entrepreneurs representing 50 vehicle brands in the transport industry in Hanoi in September 2024, Mr. Lưu Đình Tuấn, Chairman of the Board of Directors of the 911 Group, shared his plans to develop a taxi service under the “911 taxi” brand. The goal was to have over 200 vehicles by the end of 2024 and expand to more than 2,200 vehicles by the end of 2025, initially focusing on the provinces of Dong Nai and Binh Duong before expanding to other areas and cities nationwide.

On the stock market, NO1 shares have been on a continuous upward trend recently. At the close of November 22, 2024, the NO1 share price witnessed a strong increase, doubling in three months to reach 13,300 VND per share, setting a historical peak since its listing.

In the latest development, Mrs. Nguyễn Thị Hải, wife of Mr. Lưu Đình Tuấn, Chairman of the Board of Directors of 911 Group, announced the purchase of more than 763,000 NO1 shares from October 15 to November 13, 2024, through order matching. After the transaction, Mrs. Hải’s ownership in NO1 increased to over 1.74 million shares (a ratio of 7.28%), making her an official major shareholder of the company.

In terms of financial performance, the company’s revenue in the third quarter of 2024 reached over 226 billion VND, a 13% decrease compared to the same period last year. However, the 911 Group reported a 26% increase in after-tax profit, recording nearly 5 billion VND in the same period.

For the first nine months of the year, the company’s revenue was 672 billion VND, and after-tax profit was over 19 billion VND, up 63% and 211%, respectively, compared to the same period last year. With these results, the company has exceeded its full-year profit target (planned after-tax profit of 18 billion VND).