Online
Mr. Dang Van Thanh – Chairman of TTC Group, addressed the general meeting as a major shareholder: The Group acknowledged their responsibility, along with general shareholders, in supporting and supervising TTC Land in implementing the strategic orientations approved by the meeting.
Every industry has its own elimination cycle. 1997 marked the Asian financial crisis, 2008 saw the global financial crisis, and 2019 witnessed the major economic transition crisis amidst the tensions between global powers the US and China. As such, the world in general has not been immune to the severe impact inflicted on Vietnam, compounded by the COVID-19 pandemic.
“Presently, it pains me deeply to see robust brands facing extreme challenges in cash flow and liquidity. Recently, investors have taken interest in the term “ghost city,” originating from China, which reveals an oversupply in the high-end housing segment. I believe this segment will remain at an impasse until the end of 2025. The low-end segment is expected to regain momentum in late 2025 to early 2026, driven by real demand from households and laborers,” shared Mr. Thanh.
The 2021-2025 strategy of the Group guides TTC Land towards a highly cautious leadership structure and strategy, prohibiting project expansion, prioritizing project consolidation, avoiding bond issuance, and retaining profits. This approach can be described as a temporary hibernation state.
Mr. Thanh added: “The results in recent years and the difficulties faced by the entire real estate industry in 2023 are apparent. 36,000 shareholders have voiced their dissatisfaction with the results reported to shareholders. In presenting this issue, we are not attempting to defend our shortcomings but rather highlighting the general challenges faced by the industry”.
To effectively execute the remaining elements of the 2021-2025 strategy and the 2030 vision, it is crucial to consider the following:
The Group, alongside TTC Land shareholders, will provide support and strive to overcome obstacles. With sound management, transparency, accountability, and professional leadership, we can avoid negative repercussions; otherwise, we risk being eliminated by the market economy. TTC will support human resources initiatives, and the Group will withdraw Ms. Huynh Bich Ngoc from the position of Chairperson. I would like to introduce several new members from the Group’s member companies to SCR.
Furthermore, the Group suggests positioning SCR as a comprehensive real estate company, fully equipped to address the general real estate market; supporting SCR with nearly 400 billion VND in liquidity through debt-to-equity swaps.
Mr. Dang Van Thanh – Chairman of TTC Group, addressed the general meeting as a major shareholder.
|
Earnings Outlook
In 2024, Saigon Thuong Tin Real Estate Joint Stock Company (TTC Land, HOSE: SCR) expects consolidated net revenue of 705 billion VND, a 90% increase compared to 2023; while pre-tax profit is projected to remain unchanged at around 16 billion VND.
Due to challenging operating conditions, the Board of Directors proposed, and the Annual General Meeting of Shareholders approved, the suspension of profit distribution and fund provisions; the entire undistributed post-tax profit of over 406 billion VND will be utilized to supplement the investment capital for the Company’s business operations.
| Ms. Ngoc has served as Chairperson of TTC Land’s BOD since April 25, 2022. She is also the Chairperson of Thanh Thanh Cong – Bien Hoa Joint Stock Company (HOSE: SBT) and the Permanent Vice Chairperson cum General Director of TTC Group. |
During the General Meeting, the Company will also proceed with the dismissal of BOD members as per their resignation requests dated April 12, including Ms. Huynh Bich Ngoc – BOD Chairperson, Mr. Hoang Manh Tien – BOD Member, and Ms. Tran Diep Phuong Nhi – BOD Member. Consequently, the number of BOD members will be reduced from 6 to 5, and 2 new BOD members will be elected, including 1 independent member. The two candidates elected to SCR’s BOD by shareholders are Mr. Le Quang Vu and Mr. Pham Trung Kien.
The two candidates nominated for SCR’s BOD by the group of shareholders are Mr. Le Quang Vu (nominated by Ms. Huynh Ngoc Bich, representing the group of shareholders holding 17.39% of capital) and Mr. Pham Trung Kien (nominated by Mr. Dang Hong Anh, representing the group of shareholders holding 10.11% of capital).
Mr. Vu (born in 1982), with a degree in civil engineering, has worked at Vinât Company, Kumho E&C Company, Kajima Over Seas Asia, and is currently the Deputy General Dire
