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Ho Chi Minh City
Thursday, October 28, 2021

Vinasun deputy CEO to divest his entire stake

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HCMC – Deputy CEO of taxi firm Vinasun Dang Thanh Duy has registered to divest his entire 8% stake in the company, equivalent to 5.4 million shares and valued at some VND60 billion, for personal reasons.

The transactions will be processed between August 27 and September 25, the company announced in a statement.

Born in 1984, Duy is the son of Vinasun chairman Dang Phuoc Thanh. He was appointed as the company’s deputy CEO in 2012 when he was 28 years old.

With an 8% stake in Vinasun, Duy is the company’s second biggest individual shareholder, right behind his father with a 24.9% stake, while his mother Ngo Thi Thuy Van holds a 2.6% stake.

Previously, the HCMC Securities Corporation earned VND77 billion from selling its 7.2 million shares in Vinasun in late June.

Vinasun is one of the largest taxi firms in Vietnam. However, the company’s revenue has dropped sharply due to the Covid-19 pandemic.

Vinasun’s revenue in the second quarter of 2020 was VND156 billion, falling by 70% compared with the same period last year. Vinasun suffered a loss of more than VND11 billion, the biggest quarterly loss ever recorded since the company was established in 2003.

The company’s revenue in the first half of this year reached VND521 billion, a 50% year-on-year decline. It suffered a loss of VND128 billion.

The Vinasun management board said at the annual general meeting in June that 2020 was the most challenging year for the company since its establishment. Its number of employees dropped by 20% from 5,790 in late 2019 to 4,625 as of June 30.

By Viet Dung

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