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Friday, August 19, 2022

Tien Phong Securities general director resigns

The Saigon Times

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HCMC – Tran Son Hai, general director of Tien Phong Securities Corporation (TPS) and legal representative of the firm, resigned from July 23 due to personal reasons.

TPS, which trades its ORS shares on the Hochiminh Stock Exchange, has announced Hai’s resignation.

The firm appointed Bui Thi Thanh Tra as new general director of TPS, with effect from today, July 26. She is the first female general director at TPS, news sites cafef.vn reports.

Tra first joined TPS in March 2019 as operations director. Before being picked as TPS general director, she was serving as TPS vice general director.

The securities company has experienced hardship in business. According to its recently-released financial statement, TPS suffered record losses in the second quarter of this year with after-tax profit reaching minus VND129 billion, compared to the year-ago figure of VND53.7 billion.

The second quarter also saw its operation costs skyrocketing 329% at VND698 billion, due to its loss-cutting activities linked to a host of stocks in its investment portfolio.

The ORS share price has kept plunging since the second quarter, from its peak of VND28,200 on April 4 to around VND14,000-15,000 now.

Closing the session today, ORS moved sideways at VND14,300.

The benchmark VN-Index of the HCMC bourse lost 3.43 points, or 0.29% over the session earlier at 1,185.07. As for the Hanoi market, the HNX-Index of the Hanoi exchange shed 2.5 points, or 0.88% to close at 282.88.

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