Loc Troi has recently announced a proposal to introduce a new member to its Board of Directors for the 2024-2029 term. The sole nominee for this position is Mr. Vo Trung Dung, born in 1976, holding a Bachelor’s degree in Economics, Accounting, and Auditing. Mr. Dung is currently the Director of An Giang Lottery Company, a state-owned enterprise engaged in the issuance and business of lottery tickets in An Giang province, where Loc Troi is headquartered. Mr. Dung does not hold any shares in LTG and has no internal relations within the company.
An Giang Lottery Company presents the decision to appoint Mr. Vo Trung Dung as the company’s Director (furthest left) in October 2018
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Mr. Dung is expected to replace Mr. Johan Sven Richard Boden, an independent member of Loc Troi’s Board of Directors. Mr. Boden has submitted his resignation effective August 22, 2024, for personal reasons, despite being elected to the Board only two months prior on June 26, 2024.
Currently, Loc Troi’s Board comprises four members, including Mr. Huynh Van Thon as the Chairman, along with two independent members, Mr. Vo Tri Thanh and Mr. Mandrawa Winston Leo, and a non-executive member, Ms. Vu Hong Trang.
The company’s Annual General Meeting for 2025 is scheduled to take place on August 23 in An Giang, after two previous postponements. Regarding the Supervisory Board, Loc Troi mentioned that by the nomination deadline, no applications were received from shareholders. Therefore, the current Supervisory Board has proposed two candidates: Mr. Nguyen Viet Cuong and Mr. Vu Thanh Tung. Mr. Cuong currently holds multiple supervisory positions within the Bamboo Capital ecosystem, a group that faced significant legal challenges at the beginning of 2025.
With its business in a downward spiral, Loc Troi’s stock is now restricted from trading.
Loc Troi is currently facing a prolonged financial crisis characterized by negative cash flow, increasing overdue debt, and unprofitable operations. For 2025, the company has set a revenue target of VND 4,200 billion, the lowest in over a decade, and expects to incur an EBITDA loss of VND 524 billion.
Notably, Loc Troi has yet to publish its semi-annual and audited financial statements for 2024. EY Vietnam, the auditing firm, is conducting further examinations before concluding on the company’s ability to continue as a going concern.
Due to violations of information disclosure obligations, LTG stock has been restricted from trading since late October 2024. As of August 22, the share price stood at VND 7,900 per share, reflecting a decline of over 54% in the past year. The average trading volume reached nearly 221,000 shares per session.
– 15:18 22/08/2025
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