Changes at REE: 'Queenpin' Mai Thanh steps down as chair, new boss is a representative of a foreign fund.

Mr. Alain Xavier Cany, representing the foreign fund Platinum Victory, has become the new chairman of the board of directors of REE, replacing Ms. Nguyen Thi Mai Thanh.

Ms. Nguyen Thi Mai Thanh has steered the REE "ship" from its early days until it became the renowned and thriving enterprise it is today - Photo: REE

The "female leader" who has been associated with REE for decades steps down from her position as chairwoman.

Refrigeration and Electrical Engineering Corporation (REE) has recently undergone senior personnel changes. Accordingly, Ms. Nguyen Thi Mai Thanh will step down from her position as Chairwoman of the Board of Directors effective November 22nd.

Meanwhile, Alain Xavier Cany, non-executive vice president of REE, has become the new chairman of the board of directors, replacing Mai Thanh.

The REE Board of Directors also decided to dismiss General Director Le Nguyen Minh Quang by mutual agreement to terminate his contract effective November 22nd. After stepping down as chair, Ms. Nguyen Thi Mai Thanh will assume the position of General Director to replace Mr. Quang.

Ms. Thanh "steered" REE since the company's privatization in 1993 and only relinquished her position as general director in 2020 due to new regulations. Mr. Huynh Thanh Hai succeeded Ms. Thanh as general director.

In July of this year, REE dismissed Mr. Hai and appointed Mr. Le Nguyen Minh Quang as general director. Thus, in just 4 months, REE has changed its top executive position.

Regarding the new chairman, Alain Xavier Cany, he joined REE in 2021 and represents Platinum Victory Pte. Ltd., the shareholder holding 34.9% of REE's capital.

According to REE's annual report, Alain Xavier Cany holds a Bachelor of Science in Economics from the University of Paris (France). He previously served as CEO of HSBC, country director and representative of Jardine Matheson…

Foreign funds want to increase their stake in REE now that their representative has become chairman.

Notably, prior to the major changes at REE's top management, on November 19th, the foreign fund Platinum Victory Pte. Ltd. - an organization linked to the new chairman Alain Xavier Cany - registered to purchase 30 million REE shares through negotiated transactions, order matching on the exchange, or through the Vietnam Securities Depository and Clearing Corporation.

The implementation period is from November 22nd to December 20th, 2024.

If the transaction is successful, the foreign fund will increase its ownership in REE from 35.07% to 42.07%.

New chairman Alain Xavier Cany - Photo: REE

Despite being a large-scale transaction with a potential investment of up to 2 trillion VND, the registration report submitted to the regulatory authority by the foreign fund Platinum Victory Pte. Ltd only stated the purpose of the transaction as "buying shares".

Meanwhile, Ms. Mai Thanh currently holds over 60.4 million REE shares, equivalent to a 12.8% ownership stake.

Meanwhile, Mr. Nguyen Ngoc Hai - Ms. Thanh's husband - holds 5.5% of REE's capital. Mr. Nguyen Ngoc Thai Binh - Ms. Thanh's son - holds 2% of REE's capital. Ms. Nguyen Ngoc Nhat Hanh - Ms. Thanh's daughter - holds 1.3% of the capital. Combined, Ms. Thanh's family holds approximately 20% of the total shares.

The enormous scale of the first company to be listed on the Vietnamese stock exchange.

Refrigeration and Electrical Engineering Corporation (REE) is a diversified business group established in 1977.

After transforming from a state-owned enterprise to a public company through equitization in 1993, REE was the first company to be listed on the Vietnamese stock exchange in 2000.

After 24 years since its listing, amidst the ups and downs of the economy and the stock market, REE has risen to become a leading name in the energy sector in Vietnam with a market capitalization of over 30,000 billion VND.

Notably, from an initial capital of 150 billion VND, REE's charter capital has now increased 31 times – to over 4,700 billion VND. Its asset size has also increased 140 times, reaching approximately 35,000 billion VND.

At the same time, from a profit of 30 billion VND in 2000, the leading energy company has consistently generated thousands of billions of VND in profit each year.

REE's success over the past two decades bears the strong imprint of former chairwoman Nguyen Thi Mai Thanh.

Source: https://tuoitre.vn/bien-dong-o-ree-nu-tuong-mai-thanh-roi-ghe-chu-tich-sep-moi-la-dai-dien-quy-ngoai-20241123092834256.htm