Enterprise

Chief Executive Officer of Song Ba Ha Returns to Preside Over the Annual General Meeting of Shareholders

The extraordinary 2026 Annual General Meeting of Song Ba Ha Hydropower Joint Stock Company (UPCoM: SBH) is scheduled for the morning of February 2nd. According to the published materials, the meeting’s leadership will include Mr. Nguyen Duc Phu, a Board Member and CEO, who previously stepped away from his duties to cooperate with police investigations related to the dam release incident in late 2025.

Administrator

13 January, 2026

The Annual General Meeting (AGM) of Shareholders primarily addressed the removal of Mr. Nguyễn Anh Vũ as a non-executive member of the Board of Directors. Previously, Mr. Vũ had submitted his resignation due to the parent company, EVNGENCO2 (holding 61.77% of the charter capital), revoking his authorization to represent their capital and withdrawing his nomination as a Board member for SBH. Concurrently, Mr. Đặng Ngọc Phan Hiền (born in 1983), a candidate nominated by EVNGENCO2, was elected as a new Board member. Mr. Hiền currently serves as the Deputy Head of the Synthesis Department at EVNGENCO2.

Notably, the AGM’s presiding committee included Mr. Nguyễn Đức Phú, CEO of SBH. Earlier, Mr. Phú and several other executives had been temporarily relieved of their duties by SBH as they were cooperating with authorities in an investigation led by the Ministry of Public Security. This investigation pertains to the floodgate operation procedures of SBH, which allegedly caused severe flooding in Phú Yên Province in November 2025.

Ministry of Public Security Investigates Floodgate Operations of Sông Ba Hạ Hydropower Plant

Key Executives of Sông Ba Hạ Hydropower Plant Cooperate with Authorities

Mr. Nguyễn Đức Phú – CEO of SBH

Established in 2007 and publicly listed in 2008, Sông Ba Hạ Hydropower Plant operates a 220MW power plant with a reservoir on the Ba River. The company’s charter capital exceeds 1.24 trillion VND. Its major shareholders include EVNGENCO 2 (under Vietnam Electricity – EVN), holding 61.78%; REE Energy Company, with 25.76%; and Southern Power Corporation, holding 7.21%.

Despite recent controversies, SBH’s business outlook remains positive, driven by favorable hydrological conditions. In the first nine months of 2025, SBH reported revenue of 518 billion VND, a 36% increase, and after-tax profit of 271 billion VND, 2.3 times higher than the same period last year. Based on the 2025 AGM-approved plan, the company has achieved 63% of its revenue target and over 88% of its pre-tax profit goal for the year.

Business Performance of SBH

Châu An

– 4:00 PM, January 12, 2026