Mr. Nguyen Quang Nghia (the man wearing a mask) at the 2023 AGM of TDH. Photo: Thuong Ngoc
|
If the transaction is successful, Mr. Nghia’s ownership in TDH will decrease significantly from 18.4% to 0.05%, meaning he will no longer be a major shareholder of the Company. The reason given for the sale is financial needs.
Based on the closing price of TDH shares on December 4, 2024 (VND 2,150/share), the value of the transaction by the Chairman of TDH could exceed VND 44 billion. It is known that the current share price of TDH is at the lowest level since its listing (in 2006) up to now.
| Price movement of TDH shares from 2023 up to now |
However, compared to the amount spent to buy more than 21 million shares (18.7%) in June 2023 (estimated at VND 4,340/share), Mr. Nghia lost VND 2,190/share after nearly 1.5 years of holding TDH shares. Multiplying by the expected number of shares to be sold, the loss could amount to more than VND 45 billion.
|
Mr. Nghia’s transactions from June 2023 up to now
Compiled by the author. Yellow: expected transaction
|
Mr. Nghia became the largest shareholder of TDH after buying more than 21 million shares in 3 consecutive sessions from June 16-20, 2023, holding 18.7%. Not long after, at the 2023 AGM of TDH in August 2023, he joined the Board of Directors of the Company and has been Chairman until now.
The Chairman of TDH‘s move to divest comes after a major personnel change in the Company. Specifically, on November 28, 2024, Mr. Nguyen Hai Long resigned from the position of General Director for personal reasons after about 7.5 months of working. He is the second General Director to resign since Mr. Nghia became Chairman of TDH, the previous one being Mr. Dam Manh Cuong.
In the announcement on November 29, 2024, after no longer being the General Director, Mr. Long was appointed as Senior Advisor to the Board of Directors, Chairman, and General Director of the Company.
Meanwhile, Ms. Tran Thi Lien replaced Mr. Long as the new General Director, effective from November 29, 2024, until the end of the term of the Board of Directors (2020-2025) or until another decision is made.
TDH AGM: A “strange” shareholder and a 1996-born female lawyer join the Board of Directors
Thuduc House has its second CEO resignation under the low-key Chairman
