Tien Phong Securities Joint Stock Company – TPS (code ORS-HOSE) announces the resignation of Independent Board of Directors members.
Specifically, on June 20, Tien Phong Securities announced that it had received resignation letters from board members for the term 2021-2026 due to personal reasons.
The resigning individuals include: Mr. Le Quoc Hung – Independent Member of the Board of Directors; Mr. Ta Quang Luong and Mrs. Nguyen Thi Le Tung – Members of the Board of Directors.
This move to step down from their positions comes just before the company’s upcoming Annual General Meeting of Shareholders for 2025, which is scheduled to take place on June 27 in Ho Chi Minh City at the Doji Building.
According to the shareholder meeting documents, TPS assesses that the economy still poses many risks from external factors such as exchange rate fluctuations, the risk of a widespread recession, tariff policies from the United States, and geopolitical tensions, especially the complex developments in the Russia-Ukraine conflict. These issues will need to be closely monitored to allow for timely responses in 2025.
At the same time, TPS also forecasts the securities market in 2025. With a positive economic outlook, low-interest rates, and the goal of upgrading the Vietnamese stock market from frontier to emerging status as per the approved Securities Market Development Strategy by 2030, these are important drivers to promote market development. The market is expected to grow strongly in both index and liquidity, creating a solid foundation for sustainable development in the future.
However, in the context of an economy that still faces challenges, along with increasingly fierce competition among securities companies, the bond market continues to face difficulties. Therefore, TPS expects a 34.5% decrease in revenue for 2025 compared to the previous year, from VND 2,106 billion to VND 1,379 billion. Costs are projected to decrease by 23.6% from VND 1,624 billion to VND 1,240 billion, resulting in a 70.1% decrease in pre-tax profit from VND 481 billion to VND 139 billion, and a 70.7% decrease in after-tax profit from VND 397 billion to VND 111 billion.
Additionally, the TPS Board of Directors also presented to the AGM 2025 a proposal to issue/offer bonds with a total limit of VND 3,000 billion in 2025, with a maximum term of 5 years. The purpose of this offering is to restructure the company’s debt, enhance its financial capacity, and increase its capital scale to carry out proprietary trading, consulting, underwriting securities, and/or other legal business activities of the company; and/or raise capital for the company’s investment activities, including implementing investment programs, projects, capital contributions, purchasing shares/capital contributions, or making other forms of capital investments to develop the company’s business scale.
Recently, TPS released a report on the use of capital raised from the public offering of shares. Accordingly, TPS successfully offered 100 million shares, raising over VND 1,000 billion. Ten percent of this amount will be used to supplement the company’s business and other activities, 20% for capital investment activities, and 70% for proprietary trading in securities.
In the market, ORS stock has been placed on the warning list by HOSE since April 16, 2025, due to the external audit company expressing a qualified opinion on the audited financial statements for the year 2024.
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