Tien Phong Securities appoints new chairman; shareholders question Bamboo Capital bond issue.

Chứng khoán Tiên Phong - Ảnh 1. — Mr. Nguyen Hong Quan - the new chairman of TPS - Photo: ORS

On the afternoon of June 27th, Tien Phong Securities Joint Stock Company (TPS) announced the minutes of its 2025 annual general shareholders' meeting immediately after the meeting concluded.

Accordingly, the general meeting approved the simultaneous dismissal of five members of the board of directors, including Mr. Do Anh Tu, Mr. Ta Quang Luong, Mr. Le Quoc Hung, and Ms. Bui Thi Thanh Tra and Ms. Nguyen Thi Le Tung. Mr. Nguyen Trat Minh Phuong was also dismissed from his position as a member of the supervisory board.

The replacements elected to the TPS board of directors include Mr. Nguyen Hong Quan, Mr. Tran Quang Huy, and Ms. Dang Thi Bich Thuy. Ms. Nguyen Thi Phuong Thuy was elected as a member of the supervisory board.

In this new structure, Mr. Nguyen Hong Quan, who recently left his position as deputy general director of TPBank , officially assumed the role of chairman of the board of directors, replacing Mr. Do Anh Tu, who resigned in March of this year.

The senior management changes at TPS have been occurring since the beginning of the year, shortly after the Hanoi Stock Exchange ( HNX ) ordered a temporary suspension of trading for five bond issues related to Bamboo Capital Group – for which TPS acted as the issuing advisor, transfer agent, custodian, and bondholder representative. These bond issues have a total outstanding debt of VND 8,990 billion.

At the recent annual general meeting, shareholders questioned TPS's management about the following: How do the bond issues related to Bamboo Capital affect the company's operations? Has the company resolved these bond issues? What is the progress and future course of action?

According to TPS's leadership, the HNX announced a temporary suspension of trading for five bond packages issued by the Bamboo Capital group. The fluctuations related to the BCG group's bond packages have significantly affected bondholders, investors, and customers, thereby indirectly impacting the company's operations.

"Currently, the company is actively coordinating closely with the issuer, relevant parties, and authorities to handle the case, with the goal of protecting the rights and preventing losses for investors."

"Some bond packages may be processed early, however this depends on the decision of the authorities and legal regulations," a TPS leader said.

Given the current difficulties, this securities company, part of the TPBank ecosystem, also stated that it cannot set a high growth target. Its future direction is to strengthen its team, enhance risk management, boost business operations, and learn from the experience.

What will Tien Phong Securities do with the proceeds from the bond issuance?

"Where will the funds from the issuance of bonds with a limit of 3,000 billion VND and the increase in charter capital by 3,500 billion VND in 2025 be used?", another shareholder questioned.

According to TPS leaders, the capital raised from the bond issuance will be used primarily to restructure existing bond packages, taking advantage of the low interest rate trend to reduce funding costs and improve financial efficiency.

With funding from private placement of shares, the company will first ensure liquidity while also supplementing capital for core business activities such as securities brokerage, margin lending, and proprietary trading.

The company also stated that it had assessed the feasibility of the options. However, in the event that the fundraising plan does not meet expectations, TPS has prepared contingency plans to ensure liquidity and going concern, including tight cost control, optimizing cash flow from current business operations, and raising capital from other sources at reasonable costs.

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BINH KHANH

Source: https://tuoitre.vn/chung-khoan-tien-phong-co-chu-tich-moi-co-dong-chat-van-vu-trai-phieu-bamboo-capital-20250627201250387.htm