A New Era for REE: JC&C Appoints a Successor to Chairwoman Mai Thanh

Ree Corporation (REE on stock exchange) has announced changes to its leadership. Nguyen Thi Mai Thanh will step down as Chairwoman, effective November 22, and take on the role of CEO.

Meanwhile, Alain Xavier Cany, representing the Platinum Victory fund, will become the new Chairman of REE.

Mai Thanh has served as Chairwoman of REE since its privatization in 1993 and only stepped down as CEO in 2020 due to new regulations. Her successor at the time was Huynh Thanh Hai.

However, on July 1, 2024, REE dismissed Huynh Thanh Hai and appointed Le Nguyen Minh Quang as the new CEO. Now, just a few months later, the “female general” who steered the company for three decades is back in the CEO’s seat.

Currently, Mai Thanh holds over 60.4 million REE shares, equivalent to 12.83% of the company’s charter capital. Her husband, Nguyen Ngoc Hai, owns more than 25.7 million shares, or nearly 5.46%. Together with their sons, Nguyen Ngoc Thai Binh and Nguyen Ngoc Nhat Hanh, the family holds 21.6% of REE’s charter capital.

Regarding Platinum Victory, the fund has registered to purchase 30 million REE shares between November 22, 2024, and December 20, 2024. The fund is part of Jardine Cycle & Carriage (JC&C), the investment arm of the Jardine Matheson Group, which has been a shareholder of REE since 2013 after converting its bonds into shares.

Prior to this, the foreign fund had successfully completed a public offer to purchase four million REE shares at a price of 80,000 VND per share, increasing its holdings to 168 million units, or 35.7% of the charter capital.

With this public offer and its increased stake in REE to over 35%, JC&C now has veto power over important decisions within the competence of the General Meeting of Shareholders.

Platinum Victory has consistently registered to buy REE shares over the years but faced challenges due to the foreign ownership limit being almost always maxed out. In the recent purchase, the fund had to accept a price 26% higher than the market price to acquire shares, while a foreign shareholder, Apollo Asia Fund Ltd, sold its shares and ceased to be a major shareholder.

In addition to REE, JC&C has also invested billions of dollars in Vietnam’s leading companies, including a 10.6% stake in Vinamilk (VNM) and a 26.6% stake in THACO. Alain Xavier Cany, the new REE Chairman, also serves on the Board of Directors of Vinamilk.