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Thursday, September 29, 2022

FLC Faros gets new board chairperson

The Saigon Times

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HCMC – Nguyen Binh Phuong has been picked as new board chairwoman of FLC Faros Construction Joint Stock Company (ROS), replacing Huong Tran Kieu Dung who was arrested for alleged stock market manipulation.

The 49-year-old took up the post of general director of FLC Faros on November 30, 2020.

The company on April 21 announced its leadership shakeup. Le Tuan Hung, permanent deputy general director of the firm, was assigned to the post of deputy general director, while Tran The Anh replaced Hung as permanent deputy general director.

Anh, aged 44, used to hold some senior positions in the FLC ecosystem, such as deputy general director of FLC Group, chairman of CFS Investment And Import Export Trading Joint Stock Company, and chairman of FLC Mining Investment & Asset Management Joint Stock Company.

On April 8, Huong Tran Kieu Dung was prosecuted and detained for allegedly assisting the then FLC chairman Trinh Van Quyet with manipulating the stock market. Aside from serving as FLC Faros chairwoman, Dung was serving as permanent vice chairwoman of FLC Group and chairwoman of BOS Securities Corporation.

Closing the session today, April 25, ROS advanced 1.75% to stay at VND4,070 per share, with over 16 million shares changing hands. Other stocks in the FLC family bucked the downward trend. FLC added 2.9% while HAI and AMD also made gains.

As for trade on the Hochiminh Stock Exchange, 443 stocks fell into negative territory while only 37 others gained. The benchmark VN-Index of the southern market crashed 68.31 points, or 4.95% against last Friday at 1,310.92.

Trade on the southern bourse contracted 8.57% in volume and 11.88% in value over the session earlier at over 834 million shares and some VND24.7 trillion. Shares traded in block deals contributed more than VND2.3 trillion to the overall value.

Over half of stocks in the VN30 basket fell to their daily floor prices, including insurer BVH, steelmaker HPG, brewery SAB, gas firm GAS. Lenders HDB and MBB, housing developer KDH and retailer VRE lost over 6% each.

Similarly, trade on the Hanoi market turned gloomy with a lot of stocks closing at their daily floor prices. The HNX-Index lost 21.61 points, or 6.02% versus the previous session at 337.51, with 193 decliners and 53 advancers.

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