The Board of Directors of FLC Gab, JSC (FLC Gab, Stock Code: GAB, UPCoM) has issued a series of resolutions related to the company’s senior personnel matters.
Specifically, FLC Gab has approved the dismissal of Mr. Luu Van Thinh from the position of Chairman of the Board of Directors, effective November 28, 2024.
Prior to this decision, Mr. Thinh had submitted a resignation letter, citing personal reasons and multiple commitments that prevented him from fully dedicating himself to the role of Chairman and Legal Representative of FLC Gab.
On the other hand, the Board has resolved to appoint Mr. Vu Anh Tuan as the new Chairman of the Board of Directors of FLC Gab, also effective from November 28, 2024.
The new Chairman, Mr. Vu Anh Tuan, holds a bachelor’s degree in Economics and Finance and has previously worked at the State Treasury of Van Chan District (Yen Bai Province), BIDV (Ha Thanh and Thanh Xuan branches), and FLC Group (since June 2022).
Additionally, the Board of FLC Gab has dismissed Mr. Lam Duc Toan from the position of General Director and appointed Mr. Trinh Quoc Thi as his replacement, effective November 18, 2024.
Mr. Trinh Quoc Thi, the new General Director, also holds several important positions within the FLC ecosystem. He was recently appointed as Deputy General Director of FLC Faros Construction JSC on November 8 and, prior to that, as Deputy General Director of FLC Stone JSC on October 7, 2024.
Prior to these personnel changes, the State Securities Commission of Vietnam (SSC) had issued Decision No. 490/QD-XPHC on administrative sanctions in the field of securities and the securities market against FLC Gab.
According to the decision, the company was fined VND 85 million for failing to disclose information as required by law, as stipulated in Clause 4, Article 42 of Decree No. 156/2020/ND-CP dated December 31, 2020, of the Government on sanctions administrative in the field of securities and the securities market.
Specifically, FLC Gab failed to disclose on the SSC’s information disclosure system, the Hanoi Stock Exchange’s (HNX) website, and the company’s website, several documents, including the 2023 Semi-annual Financial Statements (reviewed), 2023 Annual Financial Statements (audited), 2023 Annual Report, and 2024 Semi-annual Financial Statements (reviewed)
FLC Gab, JSC, formerly known as FLC Tuynel Brick – Do Len Hau Loc JSC, was established on May 20, 2016, with a registered capital of VND 280,240,493,100, issued by the Planning and Investment Department of Thanh Hoa province in the form of a joint-stock company.
In terms of business performance, FLC Gab reported revenue of VND 1.88 billion in the third quarter of 2024, a significant increase of 2,102.6% compared to the same period in 2023. The company attributed this surge in revenue to the increased demand for home repairs and warehouse improvements following Typhoon No. 3.
However, due to increased production costs, the company still reported a loss in after-tax profit of VND 1.4 billion, representing a 76.7% increase.
For the first nine months of 2024, FLC Gab’s revenue reached nearly VND 3.68 billion, a decrease of 65.56%. After deducting taxes and fees, the company reported a net profit of nearly VND 4.8 billion, compared to a loss of over VND 4.5 billion in the same period last year.
On the stock market, GAB shares have been under warning and trading restrictions since 2023 due to the company’s late submission of its 2023 Semi-annual Financial Statements for more than 45 days from the deadline for disclosure.
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