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Wednesday, October 5, 2022

OGC executives tender resignation in droves

The Saigon Times

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HCMC – Ocean Group JSC, which trades its shares on the Hochiminh Stock Exchange with the stock code OGC, has received letters of resignation from several of its executives, two weeks before its annual general meeting takes place.

OGC Chairman Mai Huu Dat, Vice Chairman Nguyen Thanh Trung and Director Nguyen Mai Phuong and two members of the supervisory board, Nguyen Huong Nga and Nguyen Thanh Tung, tendered their resignation, citing personal reasons.

OGC removed Lo Hong Hiep from the post as general director on April 15 and replaced him with Pham Thi Hong Nhung, former head of the supervisory board at Fecon Corporation and Tedi.

In another development, these OGC executives divested all their shares in the firm before quitting their jobs. In particular, Nguyen Thanh Trung sold 13.5 million shares, or a 4.5% stake, while Nguyen Huong Nga and her relatives offloaded over 14.5 million shares.

Closing the trading session today, April 18, OGC lost 1.55%.

Market breadth turned negative as losing stocks outnumbered advancing ones by 373 to 109. Heavy selling dragged the VN-Index down 25.96 points, or 1.78%, from the session earlier at 1,432.6. Over 827 million shares worth VND26 trillion changed hands, up 25.5% in volume and 20.35 in value against the previous session.

In the bluechip group, as many as 19 stocks lost steam, while jewelry firm PNJ bucked the downtrend to finish up 5.5% at the close.

With 206 losers and 33 gainers, the HNX-Index of the Hanoi Stock Exchange shed 3.18% from the session earlier at 403.44 points. The HNX30 basket saw 23 stocks fall into negative territory.

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