Loc Troi Group recently held its Annual General Meeting for 2025 in An Giang on the afternoon of August 23, after two previous postponements. The meeting became a focal point as shareholders failed to approve the company’s 2025 business plan, which included a revenue target of 4.2 trillion dong, the lowest in over a decade, and an expected EBITDA loss of up to 524 billion dong.
The latest financial statements for the first quarter of 2024 showed a net loss of over 96 billion dong and a negative operating cash flow of 434 billion dong. Overdue debt from 6 months to less than 2 years surged from 54 billion dong to nearly 488 billion dong.
Shareholders also disapproved of the election of Mr. Vo Trung Dung, Director of An Giang Lottery, to the Board of Directors. Thus, the Loc Troi Board currently consists of four members, chaired by Mr. Huynh Van Thon, along with two independent members, Mr. Vo Tri Thanh and Mr. Mandrawa Winston Leo, and Ms. Vu Hong Trang.
Leadership acknowledges challenges and pledges a return to profitability:
Speaking at the Assembly, Mr. Huynh Van Thon shared: “In the past years, the input industry has always borne the cost for the grain industry. Currently, the context no longer permits this, but the grain industry has been profitable in the first half of the year and is expected to remain so for the full year, thanks to secured orders, stable output, and investment in models. With shareholder oversight and state support, we will be profitable”. He affirmed that Loc Troi is focusing on resolving bank debt and restructuring its capital.
 Chairman Huynh Van Thon speaking at Loc Troi’s 2024 Annual General Meeting – Illustrative image
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A representative from TPBank, a long-time financial partner, stated: “Despite the recent challenges, TPBank has always stood by Loc Troi, providing timely capital solutions and supporting the enterprise in overcoming obstacles. We remain committed to accompanying Loc Troi to enhance the value of Vietnamese agricultural products in the international market”.
Restructuring achieves 70% of the target
Mr. Tran Khanh Du, representing the Restructuring Board, shared: “Since April 2025, Loc Troi has been negotiating with 12 banks, and only one bank is left to engage. With the three key banks, MBBank, TPBank, and HDBank, we have achieved about 70% of the 1.3 trillion dong working capital target. The goal is to complete the entire restructuring process by the end of 2025”.
Specifically, the company has secured 250 billion dong in working capital from MBBank and expects an additional 650 billion dong from TPBank in August. They are also in discussions with HDBank. Regarding foreign banks, Loc Troi has submitted proposals but still needs audited financial statements to demonstrate feasibility.
Shareholders demand financial transparency and risk management
Numerous shareholders requested that the management clarify the rationale behind the plan to “achieve 4.2 trillion dong in revenue while incurring a loss of 524 billion dong.” Some questioned the reasons for the second-quarter 2024 loss of over 1.3 trillion dong and pointed out a series of shortcomings in risk management, from 600 billion dong in expired inventory to M&A deals.
CEO Nguyen Tan Hoang acknowledged: “The biggest issue is financial transparency. As banks have not yet agreed on debt restructuring and the recovery of goods has led to procedural issues, the 2024 audited financial statements could not be completed. We have proposed to the Board of Directors to replace the auditing firm to expedite the process”.
Mr. Hoang also mentioned that the company has reduced its workforce from 2,600 to approximately 1,500 employees to streamline operations. Additionally, Loc Troi is retaining assets for business operations, liquidating inefficient assets, and seeking new investors.
Dividend cancellation leads to a sharp drop in stock price
The Assembly also decided to cancel the plan to distribute a 30% stock dividend from undistributed profits in 2023 due to prolonged financial difficulties. This is the second time in three years that Loc Troi has altered its dividend plan.
Due to violations of information disclosure obligations, LTG shares have been restricted from trading since October 2024. As of August 22, the market price stood at only 7,900 VND/share, a decline of over 54% in one year, with an average liquidity of less than 221,000 shares/session.
– 09:54 25/08/2025
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