The Silent Chairman of Thuduc House Registers to Offload 21 Million Shares, Facing an Estimated Loss of VND 45 Billion

Mr. Nguyen Quang Nghia (the man wearing a mask) debuts at the 2023 TDH AGM. 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.

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 became the largest shareholder of TDH after buying more than 21 million shares in 3 consecutive sessions from June 16-20, 2023, equivalent to 18.7% ownership. Not long after, at the 2023 2nd Annual General Meeting of TDH in August 2023, he joined the Board of Directors of the Company and has held the position of Chairman until now.

The move to register for divestment by the Chairman of TDH comes after the Company has had a major change in personnel. Specifically, on November 28, 2024, Mr. Nguyen Hai Long submitted his resignation from the position of General Director for personal reasons after about 7.5 months of working. He is the second CEO to resign after 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 to the position of Senior Advisor to the Board of Directors, Chairman of the Board of Directors 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.

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Ha Le