Vinaconex elects CEO of Vihajico as chairman

The new chairman of Vinaconex

The extraordinary shareholders’ meeting to elect members to the board of management and the board of supervisors of Vietnam Construction and Import-Export JSC (Vinaconex, code: VCG) took place on January 11, 2019 after changing the company’s shareholder structure.

Since the auction two months ago, there are three big shareholders owning more than 5 per cent of VCG stakes, including An Quy Hung (57.71 per cent), Star Invest (7.57 per cent), and newly-established Cuong Vu Real Estate Co., Ltd., which has just bought 21.3 per cent of VCG stakes from Viettel last week.

At the meeting, Vinaconex shareholders have elected Dao Ngoc Thanh, general director of Viet Hung Urban Development and Investment JSC (Vihajico), the developer of the Ecopark urban area, representing An Quy Hung, as chairman of Vinaconex.

In addition to being general director of Vihajico, Dao Ngoc Thanh is also chairman of Cotana Group (CSC) and vice chairman of APEC Investment JSC (API).

The new Vinaconex chairman said that Vinaconex will be one of the top three construction businesses in Vietnam. “We need to find a way to put the Vinaconex brand on the top of all buildings,” said Thanh.

Besides Thanh, Nguyen Xuan Dong (chairman of An Quy Hung), Duong Van Mau (deputy general director of Vinaconex), Nguyen Huu Toi (chairman of Vinaconex 12), Bui Tuan Anh (assistant of Vinaconex 12’s chairman), Nguyen Quang Trung (deputy general director of Phu Long Real Estate JSC), and Than The Ha (deputy general director of Vinaconex cum chairman of An Khanh New City Development Joint Venture Company) are also new members of Vinaconex’s BoM.

Meanwhile, the Board of Supervisors will contain Nguyen Xuan Dai and Le Dinh Vinh, two members proposed by Cuong Vu Real Estate.

The shareholders’ meeting has also approved the resignation of seven BoM members, including Nguyen Duc Chi, Do Trong Quynh, Tran Tuan Anh, Nguyen Anh Tung, Pham Van Hai, Le Dang Dung, and Nghiem Phuong Nhi.

Five members of the BoS, including Dang Thanh Tuan, Kieu Bich Hoa, Vu Hong Tuan, Nguyen Thi Quynh Trang, and Bui Anh Vu resigned.

At the end of last November, two of the three big shareholders of Vinaconex, State Capital Investment Corporation (SCIC) and Viettel Group, announced fully divesting their VCG holdings at the initial price of VND21,300 ($0.93), VND3,000 higher than the market price. The offer drew in numerous investors, including newly-established companies, companies with small charter capital, who registered to buy hundreds of millions of shares.

Eventually, An Quy Hung spent VND1.9 trillion ($82.6 million) to successfully buy SCIC’s VCG shares. Cuong Vu also poured a couple trillion dong to acquire the entire VCG holding of Viettel. Some time later, Star Invest spent over VND830 billion ($36.1 million) to acquire 34 million VCG shares from foreign investors and become a big shareholder of Vinaconex.