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Tuesday, May 17, 2022

TTC Land chairwoman tenders resignation

The Saigon Times

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HCMC – Nguyen Thuy Van, chairwoman of Sai Gon Thuong Tin Real Estate JSC (TTC Land), which is listed on the Hochiminh Stock Exchange with the stock code SCR, will quit as board chairwoman of the company for personal reasons.

TTC Land plans to relieve Van from her post at the company’s general meeting scheduled for April 25.

TTC Land has released documents for the upcoming shareholders meeting, with some information about leadership changes, reported Dau tu Chung khoan newspaper.

According to the documents, board chairwoman Van on April 4 tendered her resignation letter, stating that she wanted to quit as board member at TTC Land and no longer take part in the board’s operations from April 26 for personal reasons.

Van took up the post of board chairwoman at TTC Land on June 29, 2020, replacing Nguyen Dang Thanh. Van has over 10 years’ experience in accounting, finance, and investment in fields such as manufacturing, securities and logistics.

Van also held multiple senior positions at Thanh Thanh Cong Group (TTC Group), which owns TTC Land.

At the shareholders meeting, TTC Land will present a plan to issue shares to raise funds.

TTC Land is set to issue 336.3 million shares at VND11,000 per share, which cannot be transferred for one year. The share sale is expected to generate over VND183 billion in revenue.

In addition, the company’s management board will seek its shareholders’ approval to offer 51.2 million shares to existing shareholders at the 100:14 ratio, at no less than VND14,000 per share. The company can generate over VND718 billion from this share offering.

The management board also plans to issue 29.3 million shares to pay dividends to shareholders at the 25:2 ratio.

As for its business performance, TTC Land last year obtained over VND1.6 trillion in net revenue and over VND194 billion in after-tax profit. Its total assets by the end of 2021 had exceeded VND9.7 trillion, down 14% against early 2021.

In 2022, TTC Land eyes VND2.1 trillion in net revenue and VND300 billion in pre-tax profit.

On the local stock market, SCR closed in negative territory today, April 6, as it fell 2.8% over the session earlier at VND20,800.

The benchmark VN-Index of the HCMC market added 2.87 points, or 0.19%, against the previous session at 1,522.9, with 173 stocks rising, 279 others declining, and 42 moving sideways.

Trade on the HCMC bourse improved 34.5% in volume and 38.2% in value at 944 million shares and over VND30 trillion. Shares traded in block deals contributed over VND1.3 trillion to the total value.

Bank stocks were the main contributors to the VN-Index rise amid dampened investor sentiment. Only lender SSB closed at its reference price, while the rest in the banking group advanced.

On the Hanoi market, the HNX-Index lost 9.27 points, or 2.03%, over the session earlier at 446.83, with 76 winners and 162 losers.

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