Mr. Bui Khac Son – Chairman of the Board and Ms. Pham Thi Hien – Board Member of Xuan Mai Corp
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Xuan Mai Corp announced the receipt of four resignation letters from key personnel in its management and control board. Mr. Bui Khac Son resigned from both positions as Board Member and Chairman of the Board. Ms. Pham Thi Hien resigned from her position as Board Member. Mr. Nguyen Minh Duc resigned from both positions as Member of the Supervisory Board (SB) and Head of the SB. Ms. Pham Thanh Huyen resigned from her position as SB Member.
All resignation letters cited personal reasons, applicable to the 2024-2029 term, and were signed on December 9, effective upon approval by the Annual General Meeting (AGM). Based on this, the XMC Board announced a plan to receive nomination and application files before 5 PM on December 18, to supplement two Board Members and two SB Members to complete the organizational structure.
The personnel changes at XMC coincide with a pivotal shift in the company’s shareholder structure. On December 8, Mr. Bui Khac Son, who recently resigned as Chairman of the Board, successfully sold nearly 14.3 million XMC shares, equivalent to 20% of the charter capital, thereby ceasing to be a shareholder of the company.
The buyer of the entire share volume was Mr. Nguyen Duc Cu. The transaction was executed via agreement at a total value of nearly VND 143 billion, averaging VND 10,000 per share, approximately 11% higher than the closing price of VND 9,000 per share in the same session.
The deal was approved by the Extraordinary AGM of Xuan Mai Corp in 2025, allowing Mr. Cu to bypass the public tender offer procedure, with nearly 72% of the total voting shares in favor.
Family shareholder group nears controlling stake
Beyond the transaction with Mr. Son, the Xuan Mai Corp AGM also approved a plan for Mr. Nguyen Duc Cu to acquire an additional 1.8 million shares from Mr. Hoang Tien Dung, equivalent to 2.48% of the charter capital. If all approved transactions are completed, Mr. Cu will own over 16 million shares, or 22.48% of XMC’s capital, up from his initial zero holdings.
However, according to the latest update, Mr. Cu has only completed the transaction with Mr. Bui Khac Son, while the transaction with Mr. Hoang Tien Dung has not been officially announced or is still in progress.
Notably, Ms. Nguyen Minh Trang, daughter of Mr. Nguyen Duc Cu, is currently XMC’s largest shareholder with a 24.91% stake, equivalent to nearly 17.8 million shares. If Mr. Cu completes all approved transactions, this family shareholder group could hold up to 47.39% of XMC’s capital, nearing a controlling stake in the company.
Mr. Nguyen Duc Cu is no stranger to XMC. Previously, he served as Vice Chairman of the Board and resigned in 2024. Despite no longer directly involved in management, he remains a highly influential figure in this construction company with a charter capital exceeding VND 700 billion.
The series of share transactions and personnel changes occur amid a strong rally in XMC’s stock price in 2025. From a sideways trend around VND 6,000 per share in mid-year, the stock price surged from late July, peaking at over VND 10,300 per share in early September.
After a brief correction, by the morning of December 15, XMC shares traded around VND 10,000 per share, the highest level in over three years, though still significantly below the historical peak of over VND 16,000 per share set in November 2021.
| XMC Stock Price Movement from Early 2025 to Present |
In terms of business performance, in the first nine months of 2025, Xuan Mai Corp recorded net revenue of nearly VND 1,453 billion, up 14% year-on-year. Net profit was nearly four times higher than the same period last year but only reached over VND 11 billion, as cost of goods sold accounted for over 91% of revenue, reflecting very low profit margins.
| Xuan Mai Corp’s 9-Month Business Results Over the Years |
– 11:20 15/12/2025
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