“Executive Vice President” of Hai Phat Resigns After Just Over Four Months on the Job

This week, 24 businesses announced record closings to pay dividends. Of these, 20 companies paid dividends in cash, 2 paid stock dividends, 1 paid bonus shares, and 1 paid a combination of dividends.

New resignation after just over 4 months on the job

Investment Company Hai Phat (stock code: HPX) has received a resignation letter and terminated the labor contract with Mr. Nguyen Manh Tien – Deputy General Director in charge of the Planning Department and Assistant to the Chairman of the Board of Directors (BOD). Hai Phat has removed Mr. Tien from his position as deputy general director effective August 16th.

Mr. Nguyen Manh Tien, 58, was appointed to the position of deputy general director for the term 2024 – 2029 from April 2nd, replacing Mr. Do Quy Thanh. Thus, Mr. Tien’s tenure as deputy general director lasted just over 4 months.

Previously, on May 3rd, Hai Phat also removed Mr. Doan Hoa Thuan from his position as CEO following his resignation letter. Subsequently, HPX appointed Mr. Nguyen Van Phuong as CEO for the term 2024-2029.

Mr. Doan Hoa Thuan resigned due to differences in management and company operations, which prevented him from continuing his duties as CEO.

Mr. Thuan, 49, has been working at Hai Phat since 2017 as deputy general director. In July 2018, he was appointed as CEO for the term 2018-2023. On July 24, 2023, Mr. Thuan was reappointed as CEO for the term 2024-2029.

On April 19th, Hai Phat Investment also received resignation letters from BOD members Vu Hong Son and La Quoc Dat, and BOD supervisor Bui Duc Tue. The reason for their resignation was personal commitments that prevented them from fulfilling their duties.

PVI Joint Stock Company (stock code: PVI) has announced the minutes of an extraordinary general meeting of shareholders in 2024. Accordingly, PVI shareholders approved the appointment of Mr. Nguyen Tuan Tu as CEO of PVI from August 16th.

Prior to becoming PVI’s CEO, Mr. Tu was the Deputy General Director of Vietnam Oil and Gas Group (PVOIL). Mr. Tu is 52 years old and holds a Bachelor of Accounting and a Bachelor of Foreign Languages.

Additionally, Mr. Tu was elected as a member of the BOD, and Ms. Christine Nagel was elected as an independent member of the BOD for the remaining term of 2022 – 2027.

PVI has removed Mr. Nguyen Xuan Hoa from the BOD and Ms. Tatiana Pecastaing Pierre from her position as an independent member of the BOD.

Licogi Corporation (stock code: LIC) has just removed Mr. Vu Nguyen Vu from his position as CEO and legal representative following his resignation letter. Conversely, the Licogi BOD decided to appoint Mr. Phan Thanh Hai – Vice Chairman of the BOD as the new CEO of the company from August 15th.

With this appointment, Licogi’s management now consists of CEO Phan Thanh Hai and two deputy general directors, Nguyen Thanh Hop and Nguyen Anh Dung.

Mr. Phan Thanh Hai, 52, holds a Bachelor of Engineering in Machine Manufacturing Technology. He is currently the representative of Dong Khu Investment and Business Joint Stock Company – the unit that owns 31.5 million LIC shares, equivalent to 35% of charter capital.

In addition, Mr. Hai also serves as Chairman of the BOD of Dong Anh Investment, Construction, and Building Materials Joint Stock Company – a subsidiary in which LIC owns nearly 52% of the charter capital, and as Vice Chairman of the BOD of Bac Ha Hydropower Joint Stock Company – a related company in which LIC owns over 41% of the capital.

Becamex IDC’s trillion-dollar bond offering

Industrial Investment and Development Corporation (Becamex IDC, stock code: BCM) announced the successful issuance of VND 200 billion in private placement bonds with a 3-year term, maturing on August 8, 2027.

The interest rate applied to the first interest payment of this bond lot is 10.5%/year. Subsequent interest payments will be determined on the interest rate fixing date and will be equal to the reference rate plus a margin of 4%/year, but not less than 10%/year.

The secured asset is the right to use urban land, Lot No. 10 (K4), Map No. 48, Hoa Phu Ward, Thu Dau Mot City, Binh Duong Province, owned by Becamex IDC with an area of 11,552 m2.

Previously, on June 17th, Becamex IDC also successfully raised VND 800 billion from bond issuance, with a 3-year term maturing on June 17, 2027. The issuance interest rate was 10.5%/year. Thus, in just under 2 months, BCM has attracted an additional VND 1,000 billion from bond issuance. As of June 30, 2024, Becamex IDC had nearly VND 12,245 billion in bond debt.

Petrochemical and Oil Stock Corporation (DAP – stock code: DPM) announced that August 22nd is the record date for the 2023 dividend payment in cash with a ratio of 20%, meaning that shareholders owning 1 share will receive VND 2,000. The expected payment date is September 24th. With more than 391 million shares currently in circulation, DPM has to spend about VND 783 billion to pay dividends.

Vietnam International Commercial Joint Stock Bank (VIB – stock code: VIB) has just announced the record date for determining the list of shareholders entitled to receive bonus shares as August 23rd. Accordingly, VIB will issue more than 431 million bonus shares to shareholders from its own capital source, equivalent to a ratio of 17%, meaning that shareholders owning 100 shares will receive 17 new shares.

The total value of the issuance at par value is over VND 4,312 billion, with the source of issuance being the reserve fund for supplementary charter capital and after-tax profits not yet distributed as of the end of 2023.

After this issuance, VIB’s charter capital is expected to increase by nearly VND 4,313 billion.