Loc Troi Group Joint Stock Company (LTG: UPCoM) recently released minutes from its 2025 Annual General Meeting of Shareholders, revealing notable developments. The meeting was held on August 23, 2025, at the Loc Troi Agricultural Research Institute in Dinh My, An Giang Province.
Significantly, shareholders rejected the company’s 2025 business plan, which included a revenue target of VND 4,200 billion—the lowest in over a decade (excluding 2024, for which financial statements are not yet available). The plan also projected a pre-tax, interest, and depreciation loss of VND 524 billion.
Only 13.46% of the votes cast at the meeting approved the business plan, while 36.89% disapproved, and a significant 49.64% abstained. As a result, the company’s 2025 business plan was not adopted.
LTG’s latest financial reports for Q1 2024 showed a net loss of over VND 96 billion and a negative operating cash flow of VND 434 billion. Additionally, the company experienced a sharp increase in overdue debt from 6 months to under 2 years, rising from VND 54 billion to nearly VND 488 billion.
Given the prolonged financial challenges, the AGM also decided to cancel the plan to distribute a 30% stock dividend from undistributed profits for 2023. This marks the second time in three years that Loc Troi has altered its dividend plans.
In terms of personnel, shareholders also rejected the election of Mr. Vo Trung Dung, Director of An Giang Lottery, to the Board of Directors. Consequently, the Loc Troi Board remains comprised of four members: Chairman Huynh Van Thon, and members Vo Tri Thanh, Mandrawa Winston Leo, and Vu Hong Trang.
Mr. Dung, born in 1976, holds a bachelor’s degree in Economics and Accounting. As the sole nominee for the LTG Board, his election was expected to replace Mr. Johan Sven Richard Boden, who recently resigned from the Board after serving for just over two months, citing personal reasons.
Loc Troi has yet to publish its financial statements for Q2-Q4 2024, the 2024 semi-annual reviewed financial statements, and the Q1 2025 financial statements.
Due to repeated violations of information disclosure regulations, LTG shares have been restricted from trading on the UPCoM since October 24, 2024, and are only allowed to trade on Fridays.
“Shareholders Reject $21 Million Loss Plan: Leadership Defends Restructuring Progress and Job Cuts”
At the 2025 Annual General Meeting, shareholders of Loc Troi Group Joint Stock Company (UPCoM: LTG) disapproved the proposed business plan, which projected an EBITDA loss of VND 524 billion. The management team asserted that the progress of the bank debt restructuring has reached 70% of its target, including a significant reduction in personnel from 2,600 to 1,500 employees.
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