Tien Phong Securities has a new chairman, shareholders question Bamboo Capital bond case

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

On the afternoon of June 27, Tien Phong Securities Joint Stock Company (TPS) announced the minutes of the 2025 annual general meeting of shareholders right after the meeting ended.

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

The personnel elected to replace 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 Board of Supervisors.

In particular, Mr. Nguyen Hong Quan - who has just left the position of Deputy General Director of TPBank - officially took over the position of Chairman of the Board of Directors, replacing Mr. Do Anh Tu who resigned in March this year.

The high-level personnel changes at TPS have occurred since the beginning of the year, right after 5 bond lots related to Bamboo Capital Group - for which TPS is the issuing consultant, transfer agent, depository agent and representative of bondholders - were requested to temporarily suspend trading by the Hanoi Stock Exchange (HNX). These bond lots have a total outstanding debt of VND8,990 billion.

At the recent annual meeting, shareholders asked TPS's board of directors: How do the bond packages related to Bamboo Capital affect the company's operations? Has the company finished processing these bond packages? What is the progress and direction of the upcoming processing?

According to TPS leaders, HNX announced that 5 bond packages of Bamboo Capital group were temporarily suspended from trading. The fluctuations related to the BCG group's bond packages have significantly affected bondholders, investors and customers, thereby indirectly affecting the company's operations.

"Currently, the company is actively coordinating closely with the issuer, related parties and authorities to handle the case, with the goal of protecting the rights and not causing losses to investors.

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

Faced with current difficulties, this securities company in the TPBank ecosystem also said it cannot set a strong growth target. The direction in the coming time is to consolidate the team, enhance risk management, promote business activities and learn from past events.

What does Tien Phong Securities do with the money from issuing bonds?

"Where will the issuance of bonds with a limit of VND3,000 billion and the increase in charter capital by VND3,500 billion in 2025 be used?", another shareholder questioned.

According to TPS leaders, capital mobilized from bond issuance will be used mainly to restructure outstanding bond packages, taking advantage of the low interest rate trend to reduce mobilization costs and improve financial efficiency.

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

The company also said it has assessed the feasibility of the options. However, in case the capital raising plan does not meet expectations, TPS has prepared contingency plans to ensure liquidity and continuity of operations, including strict 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