The company appointed Mr. Nguyen Xuan Thang as CEO and legal representative of the business.
This information was recently announced by Hoang Anh Gia Lai Joint Stock Company (HAG) in a board resolution dated February 7th.
Accordingly, on February 7th, the company received a resignation letter from Mr. Vo Truong Son from the position of General Director, citing personal reasons. Immediately afterwards, the company appointed Mr. Nguyen Xuan Thang as CEO and legal representative of the company.
Mr. Thang was born in 1977 and holds a Bachelor's degree in Economics , specializing in Corporate Finance. Since 2007, he has worked at Hoang Anh Gia Lai Joint Stock Company.
Mr. Son, born in 1973, holds a master's degree in finance. He previously worked at major auditing firms such as A&C and Ernst & Young before joining Hoang Anh Gia Lai in 2008.
In 2015, the company appointed Mr. Son as its general director. He had worked at Hoang Anh Gia Lai for 16 years and held the top position in the group's board of directors for 9 years.
Chairman Duc (second from the right) and Mr. Vo Truong Son (third from the right) at the investor meeting in December 2023. Photo: HAGL
The changes in this company's senior management are occurring amidst a restructuring of both its business operations and finances.
From September 2023 to the present, the company has continuously taken steps to sell assets to repay debts. Speaking at the year-end investor meeting in Ho Chi Minh City in 2023, Mr. Doan Nguyen Duc (Chairman of the Board of Directors of HAG) said that last year the Hoang Anh Gia Lai Hotel was sold for 180 billion VND, and in the fourth quarter, the company converted shares in the Hoang Anh Gia Lai University Medical Hospital. This asset will be liquidated soon. During the year, the company also repaid a 750 billion VND debt to Eximbank and received a 1,000 billion VND interest reduction.
In 2023, the company recorded net revenue of nearly 7,000 billion VND , a 36% increase compared to the previous year, and net profit of over 1,800 billion VND . This is the highest profit level in the last 13 years of business for this company in the mountainous region.
Regarding the plan to issue 130 million shares through a private placement, Mr. Duc stated that all procedures have been completed and he is awaiting a response from the authorities.
This year, the company will plant more durian trees, increasing the planted area to 2,000 hectares. It is estimated that the company will have approximately 300-400 hectares of durian trees in Vietnam and Laos ready for harvest this year.
As of December 31, 2023, the company's liabilities totaled VND 14,802 billion, of which long-term debt decreased by more than VND 1,000 billion to VND 4,194 billion.
According to Mr. Duc, with an effective business plan, the company expects to eliminate its accumulated losses this year and have no outstanding debt by 2026.
At the close of trading on February 7th, the stock price had fallen to 13,150 VND per share.
Thi Ha
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