## UPSC Abandons Plans to Acquire Asset Management Company and New Headquarters
Two newly released UPSC board resolutions, approved back in June 2024, reveal plans to invest significantly in the company’s future. Resolution 272 authorized a deposit of VND 70 billion for the acquisition of an asset management company, while Resolution 273 approved a deposit of VND 92.8 billion for the purchase of a new head office.
These deposits, totaling VND 162.8 billion, represented 50% of the company’s total assets, primarily funded by cash and cash equivalents, as evident in the reviewed semi-annual financial statements for 2024.
However, a subsequent board resolution on July 11th led to the cancellation of the deposit with Mr. Ta Quoc Viet, halting the search for an asset management company acquisition. The company received a refund of VND 70 billion on July 15th. Similarly, the deposit with Mr. Nguyen Van Tan for the office purchase was also approved for cancellation, and the company retrieved VND 92.8 billion on August 13th, indicating a temporary pause in their search for a new headquarters.
Interestingly, during this period, the board also obtained shareholder approval via written consent to relocate the company’s registered address to a new location in Ha Noi’s Dong Da district. This change is reflected in the Q3 2024 financial statements, where other receivables decreased to zero, and cash and cash equivalents increased significantly compared to the previous quarter.
 Source: UPSC’s Reviewed Semi-Annual Financial Statements for 2024
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As of now, UPSC has not announced any resumption of plans to acquire the asset management company or a new headquarters. They continue to operate from their current head office in Hai Ba Trung district, Ha Noi.
These developments follow a period of significant changes within UPSC, including shifts in ownership structure and leadership.
In a separate but related matter, on November 20th, the company’s board conducted a vote via written consent from shareholders to approve several important matters. Among these was a change to the company’s foreign name to UP Securities Joint Stock Company, with the abbreviated name becoming UPSC. Additionally, the company’s email address and website were updated to [email protected] and https://upstock.com.vn, respectively.
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Information Changes Approved by Shareholders
Source: UPSC
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