The chairman of a steel company in the top 4 of the market suddenly resigned.

Hanoi Stock Exchange (HNX) recently announced that Viet Duc Steel Pipe Joint Stock Company (VGPIPE) (stock code: VGS) announced that it had received the resignation letter from Mr. Le Minh Hai from the position of member of the Board of Directors and Chairman of the Board of Directors.

Mr. Hai stated that he resigned for personal reasons to spend time researching and developing new projects. Mr. Le Minh Hai has been associated with VGPIPE since its early days.

Before submitting his resignation, Mr. Hai successfully sold more than 8.3 million VGS shares on March 4, reducing his holding ratio from 32.06% to 17.13% of capital.

Meanwhile, Mr. Hai's wife, Ms. Nguyen Thi Thanh Thuy, successfully bought the exact number of shares at the time he sold them, increasing her holding ratio to 25.67% of capital.

Viet Duc Steel Pipe Joint Stock Company VGPIPE. Source: Viet Duc Steel Pipe website

Provisionally calculated at the closing price on March 4 of 31,400 VND/share, the estimated value of the above shares is about 260 billion VND.

According to the 2024 steel market report compiled by Vietnambiz, Viet Duc Steel Pipe ranks in the top 4 in construction steel consumption market share, equivalent to 4.9%, after Hoa Phat Group, VNSteel, and Vinakyoei.

Regarding business performance, in 2024, VGPIPE recorded a revenue of more than VND 7,352 billion, a slight decrease of 2.85% over the same period. After deducting expenses, profit after tax reached VND 109.87 billion, an increase of 89% over last year.

Viet Duc Steel Pipe Joint Stock Company, formerly Viet Duc Steel Pipe Factory, is a subsidiary of SIMCO Steel and Industrial Materials Company.

• Tax on hot rolled steel imported from China

At the end of 2002, Viet Duc Steel Pipe Factory was built in Vinh Phuc and started supplying products since July 2003.

Business lines: manufacturing steel and stainless steel pipes; manufacturing safes; constructing industrial, traffic and irrigation works; passenger transport...

In February 2007, this enterprise officially operated as a joint stock company with a charter capital of 70 billion VND.

By November 2007, the company officially became a public company before being listed on the stock exchange at the end of 2008. Currently, the charter capital of Viet Duc Steel Pipe has increased to nearly 560 billion VND.

Source: https://nld.com.vn/chu-tich-mot-cong-ty-thep-dung-top-4-thi-truong-bat-ngo-xin-tu-nhiem-196250326214539599.htm