On February 20, the EVS Board of Directors passed a resolution approving the corporate restructuring plan, including but not limited to changes in the organizational structure and functions, as well as adjustments to the governance structure and necessary policies and regulations to ensure compliance with securities laws and the Company’s Charter.
The resolution also aims to streamline personnel by the end of 2025 with the goal of optimizing costs and improving revenue and profits.
On the same day, the EVS Board of Directors also passed three resolutions regarding the adjustment of operations of all three branches, including the closure of the Ba Trieu Branch and the removal of Ms. Vu Thi Thanh Hang from the position of Director; changing the address and withdrawing the securities issuance guarantee business of the Nguyen Trai Branch; and changing the address or reducing the rental area and withdrawing the securities guarantee business of the Saigon Branch.
The Nguyen Trai Branch, previously occupying the second and third floors of the VNT Tower at 19 Nguyen Trai Street, Khương Trung Ward, Thanh Xuan District, Hanoi, will now only occupy the second floor.
Regarding the withdrawal of the securities issuance guarantee business at the Nguyen Trai and Saigon Branches, the Company stated that no contracts or transactions have been made. If successful, the scope of operations of EVS Nguyen Trai and EVS Saigon will be limited to securities brokerage and investment consulting.
The Ba Trieu Branch, which is scheduled to be closed, is located on the first floor of the Minexport building at 28C Ba Trieu Street, Hang Bai Ward, Hoan Kiem District, Hanoi. The branch has 2,103 securities trading accounts, including 2,100 accounts of domestic individuals and 3 accounts of foreign individuals.
With the closure of the Ba Trieu Branch, EVS will operate with only two remaining branches, Nguyen Trai and Saigon, in addition to its head office located on the 3rd, 6th, and 9th floors at 2A Dai Co Viet Street, Le Dai Hanh Ward, Hai Ba Trung District, Hanoi.
EVS is currently operating with its head office and two branches in Hanoi and one branch in Ho Chi Minh City – Source: EVS Website
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Previously, on February 14, EVS announced changes to its business registration certificate, with the new legal representative being General Director Mr. Nguyen Thanh Hai, replacing Mr. Pham Hong Minh.
These restructuring moves come after a challenging 2024, where the company recorded a net profit of just over 17 billion VND, a 48% decrease compared to 2023. The negative performance was mainly due to losses in the third quarter, amounting to 28 billion VND, attributed to losses in the proprietary trading segment. Looking at a broader trend, EVS’s net profit has been on a downward trajectory since 2021.
In other news, EVS plans to hold its 2025 Annual General Meeting of Shareholders in March or April 2025, expecting to approve several important matters.
| EVS’s net profit has been on a downward trend since 2021 |
Huy Khai
– 09:58 24/02/2025
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